A City's Financial (Ch 7)

In tough economic times, cities based on finance struggle with their economic stability. With the diverse economy of Chicago, the residents do not have to worry as much, as they would with an economy based solely on the financial market. With a population of just under 3 million people, in a metro area of 10,874 sq miles, Chicago has a density about 12,649 per sq mile. The median income for a household in the city is $38,625.

Chicago is the second largest financial centers in the United States. It is home to the Federal Reserve Bank of Chicago, Chicago Stock Exchange, the Chicago Boards Options Exchange, and the Chicago Mercantile Exchange. This financial hub is surrounded by many brokerage firms and insurance companies. The Healthcare Financial Services division of General Electric is also located in heart of Chicago. Some of the largest banks in the region are located in Chicago's center; JPMorgan Chase, LaSalle Bank, Harris Bank, and Northern Trust. While the largest banks headquartered in Chicago are: Northern Trust, Harris Bank, Corus Bank, and First Midwest Bank.

The diversity of the metropolitan economy helps ensure the stability of the economy, whereas in other cities the economy is constantly fluctuating. The diversity however, does not extend everywhere. For the most part, Chicago is racially segregated, though the different racial groups aid the melting pot that is Chicago and its culture. In infrastructure helps the groups of Whites, African Americans, and Hispanics extend their influences to the surrounding areas, as well as the other minorities to influence the other areas of the city as well.

Chicago's future relies on its chameleon like ability to adapt to the needs of the economy. It started out as a trading post for fur, then morphed as demand changed into food production, shipping, and packing. From there it changed as the bicycle became popularized in the late 1800s and early 1900s, than once again into what it is today, as a multifaceted economy.