The Financial Center for Latin America

Banks and financial services companies like Visa and PayPal are investing in Miami-Dade County. Known as the financial capital of Latin America, Miami-Dade has the largest concentration of domestic and international banks on the East Coast south of New York City.

Private banking, wealth management and trade finance are important components of the region’s financial sector, attracting institutions from Europe, Latin America and Canada serving individual, family and business customers.  Miami-Dade’s domestic banking system also is thriving in keeping with the region’s economic vitality.

Industry Overview

Number of Companies3,052
Number of Employees40,691
Average Annual Salary$130,849

Industry Subsectors & Data

Description
2017 Establishments
2018 Jobs
Avg. Earnings Per Job
Commercial Banking
564
12,245
$102,012
Savings Institutions
64
1,009
$83,211
Credit Unions
67
906
$58,596
Other Depository Credit Intermediation
5
50
$107,987
Credit Card Issuing
13
125
$133,672
Sales Financing
64
333
$72,163
Consumer Lending
114
1,579
$78,434
Real Estate Credit
135
1,728
$125,920
International Trade Financing
49
926
$164,921
Mortgage and Nonmortgage Loan Brokers
128
848
$118,762
Financial Transactions Processing, Reserve, and Clearinghouse Activities
96
1,735
$130,871
Other Activities Related to Credit Intermediation
65
394
$84,215
Investment Banking and Securities Dealing
106
2,003
$320,929
Securities Brokerage
206
2,868
$270,897
Commodity Contracts Dealing
57
221
$165,000
Commodity Contracts Brokerage
17
47
$133,634
Securities and Commodity Exchanges
2
17
$50,419
Miscellaneous Intermediation
85
380
$100,065
Portfolio Management
217
1,226
$228,984
Investment Advice
479
1,548
$110,668
Trust, Fiduciary, and Custody Activities
20
73
$173,704
Miscellaneous Financial Investment Activities
145
419
$125,068
Direct Life Insurance Carriers
35
1,676
$103,837
Direct Health and Medical Insurance Carriers
85
4,999
$91,755
Direct Property and Casualty Insurance Carriers
108
2,594
$122,205
Direct Title Insurance Carriers
38
121
$81,403
Other Direct Insurance (except Life, Health, and Medical) Carriers
25
245
$69,270
Reinsurance Carriers
19
290
$181,039
Open-End Investment Funds
10
15
$219,374
Trusts, Estates, and Agency Accounts
20
32
$64,621
Other Financial Vehicles
16
38
$79,762
Total
3,052
40,691
$130,849

Major Employers

  • Assurant
  • BankUnited
  • BUPA
  • Wells Fargo
  • Bank of America
  • Visa International
  • Itau Private Bank

Industry-Focused Talent Development Programs

Miami Dade College

-Banking http://www.mdc.edu/banking/

-Financial Management http://www.mdc.edu/financialmanagement/

-Mortgage Finance http://www.mdc.edu/mortgagefinance/

Miami-Dade County Public Schools

-Academy of Finance http://yourchoicemiami.org/academy-of-finance-aof/

Florida International University

-College of Business https://business.fiu.edu/index3.cfm

University of Miami

-Miami Business School http://www.bus.miami.edu/index.html

Barry University

-Andreas School of Business http://www.barry.edu/business/

St. Thomas University

-Gus Machado School of Business https://www.stu.edu/business

Florida Memorial University

-School of Business http://www.fmuniv.edu/academics/school-of-business/

What Industry Leaders Are Saying

TotalBank

“South Florida’s strengths stem from its globally strategic geographical location, vibrant economy and cultural compatibility. That said, our bank is well capitalized to serve a local community that is providing us growth”

– Jorge Rossell, Chairman and CEO

Grove Bank & Trust

“We see Miami currently in growth mode, and we believe many of the sectors that have gone through down-cycles in the past have learned from and prepared for them,”

-Rick Kuci, President and CEO

Highlights Video

Banking & Finance Committee

The mission of the Miami-Dade Beacon Council’s Banking & Finance Industry Committee is to further develop the financial industry in Miami-Dade County by supporting the economic development financial recruitment, expansion, and retention programs, as well as the related industry One Committee One Goal Banking & Finance industry recommendations. The committee will also serve as a source for industry knowledge and communication of industry intelligence.

Committee Goals:

1) Establish Miami-Dade County as a Financial Center of excellence with a focus on further developing financial technology sector (fin tech).

2) Develop and Implement local financial industry education and training programs

3) Create opportunities for innovative start ups to connect with established companies.

Banking Committee Council leaders:

Brian San Miguel, President, Miami-Dade, BB&T Bank – Chair

Bernard Adrover,  SVP & Business Banking Director, City National Bank – Chair-elect

Meet Mario J. Sacasa

Banking & Finance Subject Matter Expert

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Latest News

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Upcoming Events

  1. Technology Committee Meeting

    January 10, 2019 @ 8:30 am - 10:30 am
  2. Technology Committee Meeting

    March 7, 2019 @ 8:30 am - 10:30 am
  3. Technology Committee Meeting

    May 9, 2019 @ 8:30 am - 10:30 am

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