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.