Will DC proper be a finance/banking hub in the future? (sale, real estate)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Can DC proper cultivate a finance industry on par with SF and Boston? Or even the City of London?
If not, let me know why not? If so, when and why?
I kind of thought it was an interesting thought as being an economics major as to why DC doesn't have a finance industry comparable to the likes of other top cities.
So it'd be cool to hear what you guys think on this.
D.C.'s role in the world of finance is that of a regulator. DC regulates the financial industry of the US. However, the two intergovernmental organizations: the World Bank and the International Monetary Fund support the structure of the worlds economic and financial order. My take is that the finance industry is so rooted in NYC, Bos, SF, and Chicago that DC won't necessarily become on par with any of them, however' DC will more than likely contend as a Big Tech hub in the future, if it hasn't already.
D.C.'s role in the world of finance is that of a regulator. DC regulates the financial industry of the US. However, the two intergovernmental organizations: the World Bank and the International Monetary Fund support the structure of the worlds economic and financial order. My take is that the finance industry is so rooted in NYC, Bos, SF, and Chicago that DC won't necessarily become on par with any of them, however' DC will more than likely contend as a Big Tech hub in the future, if it hasn't already.
Yeah, I could see DC being a top 5 tech hub in the near future. With all of the projects going on and luring Amazon will only bump it up further.
When it came to finance, it makes sense that the city is more of a regulator which I never thought of. Guess I'm thinking about it more as a matter of whether it'll be home to private financial institutions.
Do you realize the City of London is only second to Wall Street in the West?
It would probably take DC 2,000 years to even come close.
Lol, that's true. I actually thought it over took Wall Street at one point. But the future could mean 20-30 years from now. However, I probably shouldn't have included that originally. Real stupid of me.
Lol, that's true. I actually thought it over took Wall Street at one point. But the future could mean 20-30 years from now. However, I probably shouldn't have included that originally. Real stupid of me.
London is the preeminent financial center in the world. It's ranks only a few hairs above New York.
Can DC proper cultivate a finance industry on par with SF and Boston? Or even the City of London?
If not, let me know why not? If so, when and why?
I kind of thought it was an interesting thought as being an economics major as to why DC doesn't have a finance industry comparable to the likes of other top cities.
So it'd be cool to hear what you guys think on this.
Bethesda and Montgomery county already has a substantial financial industry. D.C. is not even on par with Baltimore's financial industry so they would have to be on that level first.
Bethesda and Montgomery county already has a substantial financial industry. D.C. is not even on par with Baltimore's financial industry so they would have to be on that level first.
Living here in Montgomery County, I've never heard of us having a financial industry even though we do have a few financial companies. However, we've been growing as a biotech hub. As for Baltimore, I wasn't aware they even had a private sector financial industry. But it's interesting enough that I'd probably look at that when I get the time.
Living here in Montgomery County, I've never heard of us having a financial industry even though we do have a few financial companies. However, we've been growing as a biotech hub. As for Baltimore, I wasn't aware they even had a private sector financial industry. But it's interesting enough that I'd probably look at that when I get the time.
Yeah, Baltimore companies do a lot of business with governmental debt, bond issues and what not. Funk & Bolton is the one I'm most familiar with although there are several others.
Living here in Montgomery County, I've never heard of us having a financial industry even though we do have a few financial companies. However, we've been growing as a biotech hub. As for Baltimore, I wasn't aware they even had a private sector financial industry. But it's interesting enough that I'd probably look at that when I get the time.
It's pretty sizable in Montgomery County relatively speaking and probably the most diverse in the D.C. area. Regulatory bodies such as FINRA are based there (Rockville), BF Saul and founders of Chevy Chase Bank (after the ridiculous fire sale to Captial One) launched into Chevy Chase Trust which was named by Forbes as the top wealth manager in the country with $21 Billion+ in assets under management. The largest local banks (Eagle and Sandy Spring) are based in MoCo and Eagle in particular has been on fire backing so many local real estate projects financially such as the Walter Reed project. They both have been buying up other local banks especially those in virginia.
A lot of Investment firms are based in Montgomery such as New Enterprise Associates in Chevy Chase (NEA) which is the largest venture capital firm in the mid-Atlantic and one of the largest in the country. Other firms that are involved in ETFs, life insurance, mutual funds etc are based in Bethesda and Rockville as well.
And the line between financial and real estate are quite blurry so if you throw in that, by far Montgomery County is the epicenter in the D.C. area. You could say the companies based in the county pretty much built everything significant in the D.C. area in the past up till today.
But it's sad cause the county doesnt know how important and significant it is and is fine with playing as average and has fallen down the list significantly as a whole thanks to the local government. The government hasn't done anything significant and pretty much stands on the shoulders of what others did in the past; decades ago.
As for Baltimore, they have T.Rowe Price and Legg Mason for one, remnants of Alex.Brown and regional offices of Morgan Stanley, Stifel nicolaus, even Exelon has a bond trading floor in their new offices I believe so it's nothing to laugh at over there either.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
