EDCUTAH INDUSTRY PROFILE | FY 20-21 FINANCIAL SERVICES IN UTAH MAJOR UNIVERSITIES AND COLLEGES MAJOR EMPLOYERS
ON THE COVER 1 Utah State University 4 Westminster College 7 Brigham Young University 1 America First Credit Union Downtown Salt Lake City, Featuring 111 South Main 2 Weber State University 5 Salt Lake 8 Southern Utah University Community College 2 Exeter Finance The impressive 25-story 111 South Main office tower was 3 University of Utah 9 Dixie State University 6 Utah Valley University 3 American completed in May, 2018, winning the 2018 CTBUH Construction Express
Award of Excellence. The building is in the heart of Utah’s 4 Deloitte financial services sector with Goldman Sachs as the current, & Touche 5 Deseret largest lessee of the building. Mutual Benefit Administration
6 Discover LOGAN Products 1 7 Edward Jones 8 Ernst & Young
OGDEN 10 Goldman 2 1 Sachs
2 11 JP Morgan Chase Bank A SALT LAKE CITY 12 KeyBank 3 4 5 A 13 KPMG
26 27 14 Leavitt Group
15 Merrill Lynch B 16 Morgan Stanley
PROVO 17 Prestige Venture Capital, Industrial Banking, 6 7 Financial Services 18 Pricewater- house-Coopers
19 Regence and So Much More. BlueCross BlueShield
20 Select Industry • In 2020, Utah’s post-performance tax incentives Portfolio • Utah is proud to be home to companies like Goldman program facilitated over 7,700 new jobs and more than Servicing 21 Snap Finance Sachs, Zions Bank, Discover Products, Wells Fargo, JP $430M in new state revenues. 22 SoFi
Morgan Chase, and many others. Utah is one of the top 23 Wells states in the nation for Financial Services employment • In 2021, the Tax Foundation ranked Utah’s Total Tax Fargo Bank Climate as the 8th best in the nation. Since 2011, 24 Willis Towers with an employee base of over 87,000 people. Watson
Utah has eliminated or modified over 400 business 25 Zions • Just two of Utah’s efforts to align education and industry regulations to ease the burdens placed on businesses. Bancorporation 26 SelectHealth are the Utah Association of Financial Services, which MOAB 27 Sutter Connect
promotes and fosters the financial services industry in 28 E Trade Workforce Utah, and the University Venture Fund, which provides 29 HealthEquity • Utah’s Financial Services industry has experienced college students with opportunities to be engaged in B 30 LendingClub employment growth of 17% over the past 5 years. 31 Mountain America real-world venture capital projects. Credit Union The Governor’s Office of Economic Development has 32 Progressive • Utah has a robust industrial banking industry. Utah is identified Financial Services as a targeted industry Leasing home to the highest number of industrial banks in cluster for support and development in Utah, and a the nation with 15 active chartered industrial banks, key area for economic investment. eight of which are in the top ten 8 industrial banks in the country • There are a wealth of financial services education by asset size. resources in Utah, with 12 institutions offering programs related to financial services.Brigham Young University is nationally acclaimed for their accounting 9 ST. GEORGE Business Climate and finance programs. • Forbes Magazine recognized Utah as “The Best State for • Utah has an abundance of Consumer and Commercial Business” six of the past eight Banking companies with more than 41,000 people years, ranking 3rd in 2019. employed in these industries.
EDCUTAH FINANCIAL SERVICES PROFILE EDCUTAH.ORG Updated June 2021 Major Financial Services Employers
COMPANY EMPLOYEES* DESCRIPTION
America First 2000-2999 America First Credit Union is one of the largest and most stable credit unions in the nation, Fidelity Investments map #1 Credit Union and is the largest credit union in Utah. regional headquarters in Salt Lake City.
American 500-999 American Express is a direct banking and payment services firm best known for its credit card, map #3 Express charge card, and traveler’s check businesses.
Deloitte & 100-249 Deloitte and Touche is an accounting, audit, and risk management firm, and is one of the map #4 Touche “Big Four” auditing firms.
Deseret 250-499 Deseret Mutual is a non-profit organization that administers medical, dental, disability, life map #5 Mutual Benefit insurance, flexible spending, and other welfare plans. Administration
Discover 3000-3999 Discover Products is a direct banking and payment services firm which issues the Discover map #6 Products Card and operates the Discover and Pulse networks.
E Trade 500-999 E Trade is a financial services firm offering a full suite of online brokerage, investing and map #28 related banking solutions.
Edward Jones 100-249 Edward Jones is an investment and wealth management firm that serves investment clients in map #7 the U.S. and Canada. The firm focuses solely on individual investors and small businesses.
Ernst & Young 100-249 Ernst & Young is a multinational professional services firm. It is one of the map #8 “Big Four” audit firms and is the third largest professional services firm in the world.
Exeter Finance 50-99 Exeter Finance is an independent, specialty auto finance firm providing services to vehicle map #2 owners, auto dealers, and their investors.
Fidelity 1000-1999 Fidelity Investments is a multinational financial services corporation and is the fourth largest map #9 Investments mutual fund and financial services group in the world.
Goldman Sachs 2000-2999 Goldman Sachs is a banking firm that engages in global investment banking, investment map #10 management, securities, and other financial services, primarily with institutional clients.
HealthEquity 1000-1999 HealthEquity administers Health Savings Accounts (HSAs) and other consumer-directed bene- map #29 fits for more than 12 million accounts in partnership with employers.
JP Morgan 250-499 JP Morgan Chase Bank is an investment banking and financial services firm for consumers, map #11 Chase Bank small-businesses, commercial banking, asset management, and private equity.
KeyBank 100-249 KeyBank is a retail and commercial bank with clients in retail, small business, corporate, and map 12 investment. It is the 22nd largest bank in the United States based on total deposits and is the 29th largest bank in the United States by total assets.
KPMG 100-249 KPMG is an accounting firm providing audit, tax, and advisory services, and is also one of map #13 the “Big Four” audit firms. The Salt Lake Tribune named LendingClub Leavitt Group 250-499 Leavitt Group is an insurance brokerage firm that provides risk management solutions to as a Winner of The map #14 businesses and individuals. Utah Top Workplaces 2020 Award.
LendingClub 250-499 LendingClub is a peer-to-peer lending company and was the first peer-to-peer lender to regis- map #30 ter its offerings as securities with the Securities and Exchange Commission.
*SOURCE: Utah Department of Workforce Services
EDCUTAH FINANCIAL SERVICES PROFILE EDCUTAH.ORG COMPANY EMPLOYEES* DESCRIPTION Utah’s first chartered savings bank and trust Merrill Lynch 100-249 Merrill Lynch in a financial services company that specializes in investments, banking, company. Zion’s Bank map #15 retirement, estate planning, and other financial planning services. opened in 1873. This is their historic downtown location. Morgan Stanley 250-499 Morgan Stanley is an investment banking and brokerage firm, whose main areas of business map #16 are Global Wealth Management, Institutional Securities, and Investment Management.
Mountain 1000-1999 Mountain America Credit Union is a nonprofit credit union founded in 1934 and is the second map #31 America largest credit union in Utah. Credit Union
Prestige Financial 250-499 Prestige Financial Services is a provider of consumer financial services for both franchised and map #17 Services independent automobile dealerships across America.
Pricewaterhouse- 100-249 PricewaterhouseCoopers is an accounting, auditing, and consulting firm, and is one of the map #18 Coopers “Big Four” audit firms.
Progressive 500-999 Progressive Leasing is a financial services firm offering financing options and credit to map #32 Leasing consumers of retail stores and merchants.
Regence 250-499 Regence BlueCross BlueShield of Utah is a health insurance firm that was founded in 1942 map #19 Bluecross as the state’s first health insurer. Blueshield
Select Portfolio 500-999 Select Portfolio Servicing is a mortgage servicer specializing in single-family residential map #20 Servicing mortgages.
SelectHealth 1000-1999 SelectHealth is a not for profit insurance organization serving members in Utah and Idaho. map #26 They specialize in health, dental, medicare, medicaid, and federal employee benefits.
Snap Finance 250-499 Snap Finance is a digital-finance company that specializes in providing consumer financing map #21 and rent-to-own purchase options.
SoFi 250-499 SoFi is a financial services company that creates modern financial products and services to map #22 help people borrow, save, spend, invest, and protect their money better.
Sutter Connect 1000-1999 Sutter Connect is a satellite office for Sutter Physician Services to provide additional capacity map #27 and maximize affordability and maintain high standards of service.
Wells Fargo 3000-3999 Wells Fargo is a worldwide financial services firm providing banking, insurance, investments, map #23 Bank mortgage, and consumer and commercial finance.
Willis Towers 500-999 Willis Towers Watson is a global advisory and brokerage firm and a technology leader in the map #24 Watson (Formerly health insurance industry. Extend Health)
Zions 7000-9999 Zions Bancorporation is a national leader in SBA lending, public finance advisory services, map #25 Bancorporation and agricultural finance.
*SOURCE: Utah Department of Workforce Services Front and back of a $5 gold piece from the Deseret Assay Office.
When pioneers first arrived in the Salt Lake Valley, U.S. coins and currency were hard to come by, so they followed the practice of the day and started minting their own.
Another popular movement of the time was the creation of new alphabets. The letter- forms surrounding the lion are part of the Deseret Alphabet developed under the direction of Brigham Young.
EDCUTAH FINANCIAL SERVICES PROFILE EDCUTAH.ORG Square Inc’s Cash App steadily grew in popularity during 2020. Revenue from Cash App increased by 353% year- over-year.
Recent Announcements
Square Inc. Charters Industrial Bank in Utah (2020) In March 2020, Square Inc. received approval from the Federal Deposit Insurance Corporation (FDIC) and the State of Utah to open an Industrial Bank, also known as an Industrial Loan Company (ILC). This is big news for the U.S. fintech industry. It has been more than a decade since the FDIC has approved deposit insurance for an Industrial Bank.
Fintech Company BlueVine to Expand in Utah with New Operations Center (2019) BlueVine Capital Inc. will expand its operations in Utah, creating 1,449 new jobs in the next nine years. BlueVine offers a suite of products designed to meet the diverse financial needs of today’s business owners, including BlueVine business checking, line of credit, term loan and invoice factoring. BlueVine has provided more than $2.5 billion in financing to small and medium-sized businesses since its founding in 2013.
Fintech Unicorn Brex to Open New Location in the Salt Lake Valley (2019) Brex, the financial technology company that helps ambitious companies scale, will open its new location in the Salt Lake Valley, creating up to 1,000 new jobs over the next seven years. Brex was founded in San Francisco in 2017 with its first corporate card designed for startups, determining credit limits based on non-traditional metrics like real-time monitoring of businesses’ bank accounts and transactions. Since launching out of stealth in 2018, Brex has announced offerings in both the e-commerce and life science industries, intending to bring tailored underwriting, benefits and rewards to these two new verticals in need of a financial solution.
Plaid Opens Engineering Hub in Salt Lake City (2019) Plaid announced plans to open an engineering hub in Salt Lake City, hiring 50 engineers. Plaid’s technology platform allows consumers to connect their bank accounts to digital financial services applications like Venmo, Acorns and Coinbase. The new engineering hub will continue to build integrations for more than 10,000 banks and financial institutions in the U.S. to enable people to connect their accounts to fintech applications, regardless of where they bank.
Goldman Sachs to Expand its Presence in Utah (2018) Goldman Sachs chose Utah to handle its expansion into consumer financing. They opened a 100,000 square foot back office and customer service center in Draper, Utah. The expansion will add 700 jobs and over $6 million in capital investment. Goldman Sachs has a history of expansion in Utah, and currently has over 2,300 employees in the state.
EDCUTAH FINANCIAL SERVICES PROFILE EDCUTAH.ORG Cost Profile
Occupational Wages in Financial Services $150K SOURCE: Bureau of Labor Statistics, May 2020
125 $201,900 $201,900 $145,800 $219,080 $140,000 $140,000 $134,200 $132,500 $132,400
100 $128,590 $121,040 $121,040 $110,130 $110,130
75 $102,600 $101,620 $89,200 $89,200 $90,400 $89,400 $84,100 $83,900 $79,000 $79,000 $46,200 $78,990
50 $73,600 $71,300 $72,900 $72,900 $40,500 $40,300 $39,000 $39,000 $39,600 $38,100 $38,100 $37,000 $37,000 $64,100 $64,100 $35,800 $35,500 $35,900 $33,600 $62,800
25 UTAH CALIFORNIA ILLINOIS NEW YORK NORTH CAROLINA NATIONAL UTAH CALIFORNIA ILLINOIS NEW YORK NORTH CAROLINA NATIONAL UTAH CALIFORNIA ILLINOIS NEW YORK NOR. CAR. NATIONAL UTAH CALIFORNIA ILLINOIS NEW YORK CAROLINA NO. NATIONAL UTAH CALIFORNIA ILLINOIS NEW YORK CAR. NO. NATIONAL UTAH CALIFORNIA ILLINOIS NEW YORK CAR. NO. NATIONAL
Financial Services Financial Managers Accountants & Auditors Financial Analysts & Advisors Bill & Account Collectors Customer Service Representatives Industry Average Wage
Real Estate SOURCE: RSMeans SOURCE: Loopnet Other Comparative Wages in Financial Services $300 $35
250 30 NORTH $199.39
OCCUPATION UTAH CALIFORNIA ILLINOIS NEW YORK CAROLINA NATIONAL $185.25 200 25 $163.39 $163.39 $158.52 $20.99 $20.53 $20.53 $28.62
150 20 $26.52 $213.04 $213.04 Claims Adjusters $214.54
Examiners & $23.30 100 15
Investigators $54,300 $78,100 $66,600 $73,900 $64,200 $68,100 N/A 50 10 UTAH CALI. ILLINOIS N. YORK CAR. NO. NATIONAL UTAH CALI. ILLINOIS NEW YORK CAR. NO.
Oce Construction ($/sq.ft.) Oce Lease ($/sq.ft.) Credit Analysts $49,500 $82,400 $64,500 $108,200 $88,100 $75,000 Utilities Personal 18¢ $18 SOURCE: Energy Information Administration, Financial Advisors $62,400 $94,900 $92,100 $144,300 $97,800 $89,300 March 2021 15 15 11.1¢ 11.1¢ 16 .5¢ 12 12 14.1¢ 14.1¢ 9.0¢ $8.44
7.9¢
Insurance $8.02 $7.37
7.6¢
$7.02 9 9 $12.37
Underwriters $63,600 $78,700 $69,700 $86,300 $71,700 $71,800 $5.95
6 6
Financial 3 3 NEW YORK UTAH CALIFORNIA ILLINOIS CAR. NO. NATIONAL UTAH CALI. IL. N. YORK CAR. NO. NATIONAL Examiners $64,200 $101,100 $98,200 $105,500 $67,400 $81,400 Electricity / Commerical (¢/kWh) Natural Gas / Commercial ($/1000 Feet3)
Bookkeeping Taxes Accounting and $2000 10% Auditing Clerks $38,700 $48,900 $43,400 $47,400 $40,200 $42,400 1600 8% $2,239 $2,902
$1,037
$974 $974
1200 $1,607 6% $1,574 $1,574 Tellers $30,000 $35,500 $33,300 $35,000 $34,900 $32,600
800 4% Insurance Claims & 400 2% NAT. UTAH CALI. ILLINOIS NEW YORK CAR. NO. UTAH CALIFORNIA ILLINOIS NEW YORK NC Policy Processing $36,600 $46,300 $40,300 $49,300 $41,700 $42,100 NATIONAL Flat Rate Flat 4.95% Rate 8.84% Flat Rate Flat 9.5% Rate 6.5% Flat Rate 2.5% Flat 6.60%
Property Tax (Collections per capita) Corporate Income Tax SOURCE: taxfoundation.org *SOURCE: Department of Workforce Services & Bureau of Labor Statistics EDCUTAH FINANCIAL SERVICES PROFILE BMW Bank of North America
WEX Bank Comenity Optum Bank Areas of Excellence Capital Bank “Areas of Excellence” are industry sub-sectors in which Utah has a competitive advantage due to our infrastructure, trained workforce, historical expertise, and community support. The diagram below shows the collaboration and interrelationship of Utah’s business accelerators, educational institutions, Medallion Bank government initiatives, and companies within the financial services industry.
EnerBank USA 1 The University Venture Fund (UVF) 4 The Financial Planning Association of Utah is an investment firm that partners with well-known consists of over 27,500 members including financial venture capital and private equity firms to provide planners, accountants, attorneys, bankers, charitable college students with opportunities to perform real- giving specialists, insurance agents, stockbrokers, time due diligence and engage in value-add projects. money managers, investment consultants, executives, and others. 2 Cougar Capital is a venture capital and private equity fund run by 2nd-year MBA students at the 5 Association for Corporate Growth–Utah Chapter Celtic Bank Marriott School at Brigham Young University. consists of professionals from private equity firms, LCA Bank lenders that invest in middle-market companies, as 3 The Campus Founders Fund is run by exceptional well as from law, accounting, investment banking, students from all disciplines on different campuses and others. that autonomously manage a $500,000 venture capital fund. 6 The Utah Bankers Association is the professional and trade association for Utah’s commercial banks, savings banks and industrial loan corporations. Franklin Templeton Industrial Credit Banking First Electronic Park City Angels Pelion Venture Bank Partners Sorenson Mercato Capital Partners Aries Capital Partners
EPIC Signal Peak Ventures Ventures University Venture Fund 1 Peterson UBS Bank Partners USA
The Pitney Bowes Bank InnoVentures Capital Partners
Financial Planning Association of Utah4 BYU Cougar Capital2
Sallie Mae Bank
Kickstart Seed Fund Venture Association for Corporate Growth– Capital Utah Chapter5
Campus Founders Fund3
Dolphin Utah Bankers American Express Capital Association6 Centurion Bank WebBank Merrick Bank
Salt Lake Life Science Angels
Banyan Venture SLC Angels Partners
Utah Science Technology LINE KEY & Research Agency (USTAR) Clarke Companies Accelerators Infrastructure Educational Capital Institutions Partners Decathlon Capital
EDCUTAH FINANCIAL SERVICES PROFILE EDCUTAH.ORG Education & Labor
A State of Education The Labor Picture Utah is home to 12 major colleges and universities and has an excellent talent pipeline of over 275,000 students. Utah’s labor force is well educated, growing, and affordable. Utahcreated over 40,000 jobs in 2019 and maintained Bachelor’s and graduate awards grew by 63.0% over the last five years. Utah has an educated workforce, with over one of the highest job growth rates in the nation throughout the year. Utah is the youngest state in the nation with a 93% of the population 25 or over with a high school diploma and over 34.8% with a bachelor’s degree. median age of 31.2 and has an average wage of $51,500, which is 10% lower than the national average.
FINANCIAL SERVICES EMPLOYMENT INDEX
2019-20 TOTAL STATEWIDE ENROLLMENT & DEGREES Financial Services Industry 111 278,074 Loan Ocers 178 39,129 Enrollment Degree
60,000 120,000 180,000 240,000 300,000 Bill and Accounts Collectors 155
SOURCE: Utah System of Higher Education Customer Service Representatives 153
TOP THREE SCHOOLS FOR FINANCIAL SERVICES This graph represents an index based Financial Managers 112 on location quotients showing the large concentration of financial-related occupations in Utah. Any occupation Procurement Clerks 109 above the national average of 100 demonstrates a competitive advan- tage in Utah. University Utah Valley Personal Fiancial Advisors 109 4.1% University 9% Brigham Young 41.6% of Utah 5-Year 5-Year 5-Year National Degree 2019 Enrollment 20 40 60 80 100 120 140 160 180 Degree University Degree 2019 Enrollment Change Average Change 5,319 Change 4,516 2019 Enrollment 4,340 FIVE-YEAR EMPLOYMENT CHANGE 2019 2019 1,285 1,266 2019 UTAH 16.0% Degrees Degrees Degrees 858 NATION 7.9%
4 8 12 16 20
SOURCE: Bureau of Labor Statistics
Looking southward through the Salt Lake Valley. Forbes recently reported “Utah is looking like the new benchmark for business and quality of life. A rash of new studies and rankings is proving that the Beehive State is increasingly the place to be.”
EDCUTAH ADVANCEDLIFE SCIENCES MATERIALS PROFILE PROFILE EDCUTAH.ORG EDCUtah questions? Project questions? Research questions? Call Theresa Foxley, Call Erin Farr, Call Michael Stachitus, President & CEO: Business Development Research & Marketing 801-328-8857 Manager: Manager: 801-323-4243 801-323-4253
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