INTRODUCTION
The Financial Services industry includes businesses involved in banking, insurance, tax preparation, real estate financing and those dealing with investment and financial management.
As a group, these industries in 2006 numbered 9,800 businesses with 132,000 jobs, nearly 6% of all Missouri jobs. They are enjoying increased revenues, establishment growth and greater average salaries ($52,000) throughout the state. This profitable relationship has led to Missouri becoming one of the leading states for financial services in America. This is a trend expected to continue in the future, with business consolidation and workload automation helping to fuel this economic growth.
An
important sub-cluster of the Financial Services industry includes investment
and financing. These businesses
are primarily engaged in managing interest-accruing funds and accounts and
offering loan services to individuals and businesses. This sub-cluster alone accounts for 1.6% of total Missouri
jobs with average wages above $66,000.
Missouri is enjoying an increasing presence of these industries in terms
of employment, up nearly 16.5% in the last five years. This is due in part to its solid base
of securities brokerage, lending and investment enterprises, along with less
restrictive legislation on financial activities.
MAJOR COMPANIES
A
leading institutional and individual money manager
A
leading multi-line government health insurance benefits management company
Citicorp
Mortgage is the mortgage lending subsidiary of Citigroup, the country’s largest
financial services organization.
This
company is a $15.5 billion assets commercial bank, the largest independent bank
in the lower Midwest, with 360 locations and its major hubs in St. Louis and
Kansas City.
Edward
Jones is a major retail-oriented investment management firm that specializes in
one-to-one investment advice provided by a wide network of locally-based financial
advisors.
MASTERCARD WORLDWIDE GLOBAL TECHNOLOGY AND OPERATIONS
This
firm is the headquarters of the strategic processing platform, global network
and operations quality for all MasterCard transactions worldwide.
H&R
Block is the leading tax preparation company that also provides comprehensive
financial services, including brokerage and mutual funds.
This
company is an industry leader in insurance and financial products and services,
one of the country’s most financially successful and sound regional insurance
groups, with an international reinsurance operation.
Stifel
Financial Corp. is a full-service regional brokerage and investment banking
firm, providing securities brokerage, investment banking, trading, investment
advisory and related financial services.
US BANCORP COMMUNITY DEVELOPMENT CORPORATION
This
firm is a subsidiary of US Bancorp, the nation’s sixth largest commercial bank,
investing in affordable housing, New Markets and Historic Tax Credits for urban
economic revitalization.
This
company is a combination of Richmond-based Wachovia Securities and St.
Louis-based A. G. Edwards, now headquartered in St. Louis. It is a leading financial advisory, brokerage,
asset management and financial services firm with $1.1 trillion in client
assets and nearly 15,000 financial advisors.
KEY FACILITIES
Missouri
is the only state with two Federal Reserve Banks. Located in St. Louis and Kansas City, these banks serve much
of the Midwest and underscore the significance these two metropolitan centers
play in the financial sector.
RESEARCH – ADVANCING THE INDUSTRY
Leading-edge
financial services research is being conducted at such renowned centers as:
HENRY W. BLOCH SCHOOL OF BUSINESS &
PUBLIC ADMINISTRATION
Kansas City, MO
Located
at the University of Missouri – Kansas City, this school recently completed an
extensive study of the venture capital formation gap in Missouri, titled “The
Grow-Me State Initiative,” and presented a set of recommendations to address
that gap to its advisory board.
COLLEGE OF BUSINESS - UNIVERSITY OF
MISSOURI-COLUMBIA
Columbia, MO
This
school supports the Missouri Bankers Chair held by Dr. John S. Howe, which is
to prepare students for competitive and challenging careers, promote
interaction between the banking community and the college, and stimulate
top-quality research.
ASSOCIATIONS – SUPPORTING THE
INDUSTRY
The Missouri Bankers Association
The
Missouri Bankers Association is the principal advocate for the banking industry
in Missouri and is involved with many other aspects of issues affecting
financial services in the state. This association makes a significant impact in helping the
industry grow.