The financial services sector has been a key driver of Delaware’s economy since 1981, when the state passed the Financial Center Development Act — landmark legislation that paved the way for new investment.
With one of the best business tax climates in the country, Delaware is home to 2,000 finance companies, which employ more than 36,600 people. Some of the largest financial services, banking and insurance companies have significant operations in the state, including Barclays, Capital One, Deutsche Bank, Wells Fargo, BNY Mellon, Bank of America and JPMorgan Chase.
Bank of America
Over the past several years, many of these institutions have continued to invest significantly in the state, expanding their operations and growing their workforces here. In addition, SLM BankCo — Sallie Mae (SLM Corp.), a new trending operations company, and Navient, SLM Corp.’s new loan management, service and asset recovering company, are both headquartered in Delaware.
- JPMorgan Chase announced in March 2014 that the company would invest $50 million to expand its operations in Delaware. This comes on the heels of a $50 million expansion announcement in 2012 that added 1,200 jobs.
- Citibank has had a presence in Delaware since 1982 and opened a new financial services facility in Wilmington in 2012, where more than 200 people are employed.
- Bank of America said it would add hundreds of jobs in the state over the next several years.
- M&T Bank expanded its data center operations in Millsboro, adding 50 more jobs to its workforce there.
- Capital One has continued to expand in Delaware, adding hundreds of jobs.