Financial Services

Ohio is a major financial center, second only to New York City for the number of top U.S. bank and insurance company headquarters. Companies in Ohio are within a two-hour direct flight of about 75 percent of the North American financial services industry.

Key facts

• 25 Fortune 500 headquarters and 57 Fortune 1000 headquarters are located in Ohio
• 220,000 employees in Ohio, comparable to NYC, work in financial services
• The financial and insurance sector contributes nearly $55 billion to the Ohio economy, representing the second largest private service sector
• Ohio is home to one of the country's 12 Federal Reserve Banks

National position

• Fifth highest concentration of Fortune 1000 headquarters
• Fifth largest financial services sector by GSP
• Second to NYC for number of top U.S. bank and insurance headquarters
• Sixth in insurance industry employment

Major players

• Three Ohio-based commercial banks rank among the nation's largest in assets:  KeyBank, Fifth Third Bank and Huntington. JPMorgan Chase, PNC and U.S. Bancorp also have significant operations here.
• Fortune 500 insurance companies based here are American Financial Group, Cincinnati Financial, Nationwide, Ohio Casualty and Progressive.
• Diebold Nixdorf and NCR are among financial industry innovators with operations here.
• Top retail institutions headquartered in Ohio include Abercrombie & Fitch, DSW, Express, Kroger, LBrands, Macy's, Procter & Gamble and Scotts.

Top employers

• JPMorgan Chase - 21,000
• Nationwide - 15,000
• Progressive - 9,100
• Fifth Third - 8,800
• Huntington - 8,400

Recent trends

• Ohio is an emerging leader in fintech innovation. In 2017, Ohio launched a new global fintech accelerator that gives fintech entrepreneurs access to funding and mentors from major financial and insurance institutions such as Fifth Third, KeyBank, Progressive, Huntington, Visa and Mastercard.