Texas becoming popular destination for Wall Street firms | Fox Business
By: Fox Business
S E E D E D C O N T E N T
Why Texas is now America's financial powerhouse
Texas Capital Bank CEO Rob Holmes joins Mornings with Maria to discuss the bank's record-breaking quarter, the state of regional lenders and why Texas is fast becoming America's financial 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.
NEW YORK'S FINANCIAL SECTOR LOSING GROUND TO RIVALS
Dallas is rising as a key financial services hub as firms expand their footprints outside of New York City. (HUM Images/Universal Images Group via Getty Images)
Goldman Sachs
A rendering of Goldman Sachs' office in Dallas, Texas, that will open in 2028. (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
JPMorgan Chase's headcount in the state of Texas has surpassed its presence in New York City. (Tim Clayton/Corbis via Getty Images)
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.
SEE INSIDE JPMORGAN'S NEW $3B GLOBAL HEADQUARTERS IN NEW YORK CITY
Wells Fargo
Customers use banking machines at a Wells Fargo bank branch. (Mario Anzuon/Reuters / Reuters)
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
The exterior of Charles Schwab's campus in Dallas-Fort Worth, Texas. (Charles Schwab / Fox News)
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.
VOTERS IN MAJOR US CITY VIEW CAPITALISM ONLY SLIGHTLY MORE FAVORABLY THAN SOCIALISM, FOX NEWS POLL FINDS
Bank of America
Bank of America is one of the largest employers in the Dallas metro area. (Smith Collection/Gado/Getty Images)
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.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GS | THE GOLDMAN SACHS GROUP INC. | 785.52 | -3.85 | -0.49% |
| JPM | JPMORGAN CHASE & CO. | 309.35 | -1.77 | -0.57% |
| WFC | WELLS FARGO & CO. | 87.30 | +0.33 | +0.38% |
| SCHW | THE CHARLES SCHWAB CORP. | 93.15 | -1.37 | -1.45% |
| BAC | BANK OF AMERICA CORP. | 53.56 | +0.11 | +0.21% |
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Trolling, taunting, spamming, and off-topic comments may be removed at the discretion of group mods. NT members that vote up their own comments, repeat comments, respond to themselves, or continue to disrupt the conversation risk having all their comments deleted. Please remember to quote the person(s) you are replying to preserve the continuity of this seed. any use of the term MAGA will get your comment deleted.
Tags
Who is online
157 visitors
What will the communist Mamdani do when all the money leaves? That's the problem with being a piece of shit socialist, eventually you run out of other peoples money, or the people with money run away.
My money is on him creating and increasing taxes to cover the loss.
Takers don't have money to pay taxes, he will suck Schumers to get the feds to fund his programs.
There's that option as well.
So, when:is Fox News moving from NYC to DFW?
Dallas has alway been a business hub. All roads and routes meet in DFW. Dallas has long been home to district and regional offices. It is not a Wall Street.
There are no ocean or mountains, just a dirty lake.
I lived there twice. It is like LA without the glamor.
Always interesting to read an Oklahoman's take on Texas... /S
This obviously isn't about the NYC mayoral situation. It's clearly been trending steadily for years.
Texas has always had a more common sense approach to government and regulation.