At the JPMorgan Chase Tower ribbon cutting, Governor Kathy Hochul celebrated New York City’s comeback and the strength of its financial services sector, calling the new headquarters a bold investment that signals long-term confidence in the city’s economy. Praising JPMorgan Chase and CEO Jamie Dimon, Hochul highlighted Manhattan’s surging real estate market and a 28% rise in New York State FinTech jobs since 2021, crediting the project—designed by architect Norman Foster—and the 10,000 workers who built it as a symbol of resilience, ambition, and partnership. Framing the tower as a beacon of growth and energy, she urged, “Do not bet against New York City,” positioning the development as proof that the future of finance is being built here and now.
A rush transcript of the Governor’s remarks is available below:
What a spectacular day this is. I could not be prouder to be a New Yorker or Governor at this moment in history because I believe that future generations will look back at this time and say, “Yes, despite a global pandemic that brought other cities to its knees, we came roaring back, because guess what? That’s what New Yorkers do.” So congratulations to JP Morgan Chase and Jamie Dimon for having the fortitude to see a path forward when others were starting to shrink back. And to all of those who say, “I don’t know about New York. Another business may be leaving to go to some other, one of the 49 states.” I guess there’s 49 other states. That’s what I’m told.
But to have this investment at this moment in time sends an extraordinary signal of confidence, and I might even add a little bit of New York audacity and boldness and ambition and audacity, because that’s who we are to our core. So when others say, “Well, financial services, I’m not sure what’s the future.” This is the future, my friends, we are living the future in this moment and relish that, feel the energy.
If we’re going to go by here and say, what the hell…? What? I’m sorry. What happened here? Mother, forgive me,the job has done this to me — but now Manhattan is the hottest real estate market since 2006. And did anyone foresee this happening? The hottest real estate market? The place where people are coming back to the offices? Because we had someone who says, “Come back to the offices and if you come back to the offices, I’ll give you a place you’re never going to want to even go home. It’s so incredible here.”
So to all your family members, explain the long hours, explain the extra time needed in the gym or in eating in one of the incredible restaurants. Because this is a sense of place. Indeed, it is a city. And to reimagine the fact that FinTech jobs in our state have grown by 28 percent, just since 2021. Coincidentally, that’s when I became governor. I will not take credit for that. That’s 14 times the national average.
So I’m making this point loud and clear. Do not bet against New York. Do not bet against New York City. Do not bet against our financial services sector because we are strong. We’re as strong as the bronze pillars you see right here that surround us with that sense of strength and endurance, because that’s what this building reflects. And I think about what went into this process and our architect – what an incredible leader he is, Norman Foster.
And I was just wondering if you have time afterward, maybe we could take a walk down to Penn Station. Just saying – the President said he’ll pay for it. They can do a new ballroom in the White House. Why not make this magnificent? I digress a little bit. I’m sorry. But to JP Morgan, the institution, we’re so proud of the history over two centuries of helping us build the infrastructure of its time, but enduring into the future. And to have the inspiration of Deepak Chopra here today, reminds us that there are visionary corporate leaders who also think about beyond the economy and corporations and business. They think about the spiritual self and how to lift up all those who consider themselves part of the JP Morgan Chase family.
And that’s what’s so extraordinary, Rob Speyer. What you have done here is magnificent. This is a testament to your company and its willingness to create a mark, a symbol of the future here. And I thank you for that as well. And Janno Lieber, thank you for putting up with all the stress that occurs when we’re trying to reimagine how we can deal with projects like these.
So I’m going to say this, anytime you feel you need inspiration, you’re just turning on the news or watching your social media feeds and saying, when will it ever stop? These days are so dark and depressing, and what is happening from Washington to here. Take a breath. Read a good book, written by a famous author, calm down and know that the sheer grandeur of this building, the sheer grandeur of this space, should be enough to just calm you down and realize, wait a minute, we’re okay because we’re New Yorkers.
Nothing ever can keep us down because we always rise up. It is our way. So embrace that sense of being a New Yorker because everybody else is envious of what we have right here, right now. You reminded me there’s no place on earth – no place on earth that has the daring and the boldest to do what we just did here.
But you are part of this story and to Gary LaBarbera and to all the 10,000 men and women who came out here and rain and shine, we saw them working day in and day out. They can come by here with their children and grandchildren and say, “I help make this building,” and it’s going to be here long after any of us. And feel that sense of pride that comes from working with your hands like my dad and my grandpa does because they were steelworkers. So embrace that as well. And to our elected officials, we have Jerry Nadler from Congress here. Guess they’re not too busy down there right now these days, Jerry, I know you want to go back to work. I know.
And all to our leaders in the State Assembly and the Senate and our city council, it is this partnership, this willingness of New Yorkers despite our differences — and we have many — we always come together. At the right moment in time, and that’s what this building symbolizes. Congratulations to everybody.
October 21, 2025
Albany, NY
Sources: Governor.ny.gov , Big New York news BigNY.com
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