From Wall Street to Y’all Street: Texas is cementing itself as the country's new financial center
The move reflects an intention to diversify strategic presence beyond the traditional financial center of Wall Street. The nation's largest banks and financial institutions have built new branches or increased their operating presence in the Republican state.
Bank of America
More and more financial services firms are coming to Texas. It's a move that reflects their intent to diversify their strategic presence beyond the traditional financial center of Wall Street in New York City.
Several of the nation's largest banks and financial institutions have built new branches or increased their operating presence in the Republican state.
The decision has come as many people have opted to move from high-tax states, such as New York and California, to others with lower tax burdens and less red tape.
Mamdani's triumph in New York
The electoral victory by the radical socialist could mark the beginning of a flight of residents: more than 760,000 New Yorkers were prepared to leave the city if the socialist candidate Zohran Mamdani won the mayoral race, according to a poll published by The New York Post.
Meanwhile, Fox Business released a report highlighting the five largest financial firms and their presence in the Dallas area, one of the key economic centers of The Lone Star State.
One of the most prominent companies is Goldman Sachs. According to the report, the investment and financial services firm is developing a new 800,000-square-foot campus in Dallas, which will be able to fit more than 5,000 employees and will open in 2028. The company currently has about 4,500 workers in the Dallas-Fort Worth metropolitan area.
The Goldman Sachs office in Dallas is the second-largest in the country, second only to the New York headquarters and its 7,800 employees.
The nation's largest bank, JPMorgan Chase, currently has about 31,000 employees in Texas, including 18,000 in the Dallas-Fort Worth metropolitan area.
Politics
Nearly 1 million New Yorkers prepare to leave the city after Mamdani's win
Williams Perdomo
JPMorgan is one of Dallas' top employers
The company's workforce in Texas exceeds that of New York, where it has 24,000 employees. In addition, the Dallas Chamber of Commerce considers JPMorgan one of the top employers.
Another example is Wells Fargo which in late October officially opened a new 22-acre campus housing two 10-story office buildings with capacity for 4,500 workers.
The company has between 5,000 and 10,000 employees in the Dallas metropolitan area.
Nearly five years ago, Charles Schwab moved its corporate headquarters from California to the Dallas area, where it opened a new campus in the suburb of Westlake.
According to the Dallas Chamber of Commerce, Charles Schwab has a workforce of between 5,000 and 10,000 employees in the metropolitan area.
Finally, Fox Business reported that Bank of America is building a new 30-story office building in Dallas, scheduled for completion in 2027.
The bank currently has more than 10,000 employees in the Dallas metropolitan area, although its headquarters will remain in Charlotte, N.C.
LATEST
