Why major financial firms are expanding Texas presence beyond traditional Wall Street hub

Financial services firms have increased their presence in the state of Texas in recent years as they diversify their strategic footprint beyond the traditional financial hub of New York City’s Wall Street.

Several of the nation’s most prominent banks and financial institutions have built new campuses or increased their operational presence in Texas in recent years. The trend comes following many Americans’ relocations during the COVID-19 pandemic away from high-tax states like New York and California to those with lower tax and regulatory burdens.

The New York City mayoral election set to be held on Tuesday could factor into future decisions by financial firms regarding where to station their workforces. Critics of the policies advocated by Democratic nominee Zohran Mamdani, who identifies as a democratic socialist, have warned that his tax hike plans and other policies could incentivize businesses’ departures.

Here’s a look at five major financial firms and their presence in the Dallas area, one of the key economic hubs in the Lone Star State.

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Goldman Sachs

The investment bank and financial services firm is in the process of building a new 800,000-square-foot campus in Dallas that can house over 5,000 employees. The firm currently employs about 4,500 workers in the Dallas-Fort Worth metro area.

Goldman Sachs’ Dallas office is its second-largest in the U.S., trailing only New York City and its 7,800 workers within the firm. The new Dallas campus will house employees from across the firm’s various businesses and divisions.

The new campus is scheduled to open in 2028 following the completion of construction, interiors and the migration of personnel.

JPMorgan Chase

The largest bank in the U.S. currently has about 31,000 employees in Texas, including 18,000 in the Dallas-Fort Worth metro area. 

JPMorgan Chase’s headcount in the state of Texas is larger than in New York City, where it employs 24,000 workers. The firm has a campus in the suburb of Plano, which is where over 12,000 of those employees are located.

The Dallas Chamber of Commerce lists JPMorgan among its major employers, with more than 10,000 employees in the Dallas-Fort Worth metro area.

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Wells Fargo

Late last month, Wells Fargo officially opened a new 22-acre campus that’s home to a pair of 10-story office buildings that can house 4,500 workers.

The Dallas Chamber listed Wells Fargo as having between 5,000 and 9,999 employees in the metroplex.

Charles Schwab

Schwab relocated its corporate headquarters from California to the Dallas area nearly five years ago, when it opened a new campus in the suburb of Westlake.

Charles Schwab employs between 5,000 and 9,999 workers in the Dallas metro area, according to the Dallas Chamber’s report.

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Bank of America

Bank of America is in the process of building a new 30-story office building in Dallas, though it is keeping its headquarters in Charlotte. The firm’s new tower is expected to be completed in 2027.

The Dallas Chamber notes that Bank of America has more than 10,000 employees in the metro area.