Utah’s financial services cluster is anchored by Fidelity Investments, Goldman Sachs, Wells Fargo, Morgan Stanley, Zions Bank, America First Credit Union, Mountain America Credit Union and others. With more than 2,000 employees, the Goldman Sach’s office in Salt Lake City office is their second-largest North American office and fourth-largest globally. The state is also home to 15 active industrial banks with assets totaling $137 billion. In 2015, the banking and financial services industry accounted for 6,101 establishments and 74,895 jobs.
According to the MountainWest Capital Network Deal Flow Report there was strong deal flow growth in 2015: 279 private placement deals valued at a total of $2.3 billion (up from $1.5 billion in 2014). A reported 242 M&A deals (up from 215) were valued at $6.0 billion. Some 15 public market deals were valued at $1.5 billion. On the venture capital front in 2015, investors placed $732 million in 55 Utah-based deals, according to PwC.
Like other high-tech hubs in the country, Utah is seeing traction in the financial technology space, or “fintech” for short. Emerging companies launching operations in Utah include ZipBooks, SoFi and Entrata.