The New England region has long been a center for the global financial services industry.
Many of the nation’s largest banking institutions and top financial services firms call New England home, and the financial services sector is integral to the region’s economic well-being. According to a report prepared by the Council in partnership with PwC in 2017, the New England region accounted for only 4.6% of the U.S. population in 2015, but contributed 6.2% of the nation’s direct financial services employment, 1.3 times more than its population share. In 2015, there were 375,460 direct jobs in the financial services industry, and the industry also supported 247,050 indirect and 390,020 induced jobs for a total contribution of jobs by the financial services industry of 1,012,510 in 2015–over 10% of total regional employment.
The New England Council’s Financial Services Committee includes many of the nation’s top financial services firms, along with a range of smaller entrepreneurial financial organizations. Members include life, health and property-casualty insurers; accounting firms; commercial and community banks; credit unions; investment and asset management firms, and other financial institutions.
In recent years, the Financial Services Committee has worked closely with the New England congressional delegation to promote policies that will enhance the viability of financial services as a critical regional economic driver. Several policy issues that the Committee has focused on include promoting retirement savings, regulation of the banking industry, insurance and liability policy, tax reform and financial technology development.
The Committee is co-chaired by Tom Crohan, Vice President & Counsel, U.S. Law & Government Relations at John Hancock, and Jim Febeo, Senior Vice President and Head of Government Relations at Fidelity Investments.