Top NYC Fortune 500 Companies
The Fortune 500 is a list by Fortune Magazine of America’s top 500 organizations. The total revenue gained is the basis for Fortune Magazine’s financial rankings. For 2019, 73 of the Fortune 500 Companies were located in NYC.
The top 5 of the 2019 Fortune 500 located anywhere were:
2. Exxon Mobil
4. Berkshire Hathaway
The following organizations below were the top 10 entries for NYC on the Fortune 500 list.
1. JPMorgan Chase
JPMorgan Chase is the largest bank in the country, with over $2 trillion in total assets. It's also the top-ranked of the Fortune 500 Companies In NYC. The company has benefited from the rise in interest rates and the lowering of corporate taxes. JPMorgan Chase has also invested more in additional branches, an increase in salary for its entry-level employees and more technology.
2. Verizon Communications
The leadership of Verizon was given to Hans Vestberg in the recently, which was the first time that an outsider would lead the company in the company’s history. Its stock price has increased by six percent this year, which supports the optimistic view that Vestberg is the right person to handle Verizon’s reins and guide it through the upcoming 5G technology era.
Citigroup has gone through many changes as of late. In an effort to turn things around, it has shrunk its business lines and cut certain costs. Additionally, it has adjusted its corporate structure by putting together a number of consumer product businesses under one umbrella group. Citigroup has also sought to expand its digital operations at a time when it has fallen short in terms of its internal targets.
Michel Khalaf became the CEO of MetLife earlier this year after being a longtime executive there. Khalaf is expected to use his global experiences to find solutions that will help lower risks related to the business. Revenue has climbed nearly three percent to $67.9 billion since 2018, with profits rising nearly 28 percent. MetLife is still recovering from the public image and stock price blows from revealing that it failed to pay pensions that it owed.
Pfizer managed to increase its revenue by 2 percent, adjusting to both the reduced sales of Viagra and other drugs and the increase in competition to the organization. Pfizer is recovering from losing its exclusivity to its patents as well as going through a reorganization period. This reorganization process would split its organization into three sections. Its consumer health division, one of these three sections, has plans to merge with GlaxoSmithKline.
6. Goldman Sachs Group
Goldman Sachs Group has recently switched over to a new area to focus on for the company: consumer banking. In the past, a large part of its revenue was earned through the trade division specializing in fixed incomes. As that division has recently failed to meet expectations, Goldman Sachs searches for more reliable revenue sources, including a credit card partnership deal with Apple and from customer deposits. The revenue from its investment management division rose 13% to $7 billion.
7. Morgan Stanley
Morgan Stanley has moved its operations towards wealth management ever since the financial crisis of the 2000s. It was a very successful bet, as the wealth management division generates 42% of Morgan Stanley’s revenue. The bank has also changed around its executive team: its trading and investment section is now headed by Ted Pick.
AIG is still in the process of turning things around. Partly because of the stock market drop in late 2018, its revenue dropped by over 4% that year. The insurance company is still moving towards profitability, gradually reducing its losses year by year. Unfortunately, disasters such as Japanese typhoons and the fires and mudslides in California have contributed to AIG being in the red.
9. New York Life Insurance
New York Life is an insurance company with $311.5 billion in assets, bringing in revenue totaling $43.4 billion. In 2018, the insurance firm made $880 million in profits, meaning that profits only represented a meager 2% of revenue. New York Life was one of the few mutual companies to find itself on the Fortune 500.
10. American Express
American Express (AmEx) gained 12 million new card holding customers and 9% more spending on American Express cards. These positive gains doubled its profits from 2017 to 2018. The company did so well that it paid out $2.9 billion in stock buybacks and dividends in 2018.
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