Governor, Commonwealth of Massachusetts
As Governor, Charlie Baker has pledged to work toward a growing economy with family-sustaining jobs; ensure that schools across the Commonwealth provide opportunity for every child regardless of zip code; and make Beacon Hill a true partner with our local governments to create safer and thriving communities across Massachusetts.
Boston’s thriving financial services sector has long been an economic driver for the state and includes a vibrant finance portfolio of services from asset management to venture capital to private equity. To promote The Commonwealth as a global financial center, Mass Insight hosted Global Massachusetts 2024 – an agenda-shaping convening of regional thought leaders on March 11 at the Hyatt Regency, Boston – featuring a keynote by Governor Baker. We asked Governor Baker his perspective on the sector.
What trends are you seeing in financial services in Massachusetts?
Financial services is an important sector that employs more than 165,000 residents in the Commonwealth. In Boston, the vibrant technology industry works alongside financial services companies to provide forward-thinking technology solutions, and our administration will continue to work collaboratively to create a pro-growth environment and spur job creation in every zip code. The “FinTech” community, companies that provide technology solutions in the financial services space, will continue to be an essential source of economic growth and innovation.
What are the advantages of doing business in Massachusetts?
Our administration is committed to making the Commonwealth a magnet for innovation and a great place to do business. To stay competitive both nationally and globally, we are committed to acting on regulatory reform, which is why I recently signed an executive order to issue a comprehensive review process for all regulations enforced by the Executive Department. Our goal is to help state government speak with one voice in its commitment to provide exceptional customer service for our citizens. This will be an intensive process that ultimately makes Massachusetts a more efficient and competitive place to live and work, while driving economic growth. Within the financial services sector, the Commonwealth is already a national leader in asset management and advisory services, and is home to prominent industry leaders such as State Street, Fidelity, and MassMutual.
How does the financial services ecosystem in Massachusetts affect talent in the state?
It is important for Massachusetts to be a place where financial services companies can prosper while improving the economic livelihood and financial security of the Commonwealth’s residents. In Massachusetts, the industry is responsible for 165,000 in direct jobs and indirectly benefits 170,000 more. Boston’s growing “FinTech” community will bring even more innovation and productivity to the financial services industry.