News Summary
Dallas is rapidly establishing itself as a prominent financial hub thanks to significant investments from major banks. Goldman Sachs is set to invest $500 million in a new campus, while Bank of America and JPMorgan Chase are expanding their presence in the city. With a vibrant finance job market and supportive state initiatives, Dallas is attracting new businesses and finance professionals, transforming into a key player in the finance sector.
Texas is witnessing a remarkable transformation into a prominent financial hub, marked by significant expansions and investments from major banks in the Dallas area. Goldman Sachs has announced a significant $500 million investment in a new campus in Dallas, which will become the firm’s largest workforce site in the United States outside of New York City. The sprawling campus will cover 800,000 square feet and is expected to accommodate over 5,000 employees upon its anticipated opening in 2028.
The new Goldman Sachs campus will boast a wide array of amenities, including fitness and wellness facilities, multiple dining options, childcare services, lounges, conference spaces, bike parking, and rooftop gardens. This expansion comes as Goldman Sachs marks nearly six decades of presence in Dallas, primarily engaged in private wealth management and investment banking. Over the past five years, the number of applicants to Goldman Sachs’ Dallas program has surged by 52%, reflecting the booming interest in financial careers in the region.
Bank of America is also making strides in the Dallas financial landscape. The firm is set to relocate its operations to a new skyscraper called Bank of America Tower at Parkside, scheduled to open in the third quarter of 2027. This new building will house approximately 1,000 employees and utilize nine of the tower’s thirty floors while featuring amenities such as a fitness center and coffee bar. Currently, Bank of America employs 19,000 individuals within Texas, with about 14,480 of those situated in the Dallas-Fort Worth area.
Alongside Goldman Sachs and Bank of America, JPMorgan Chase continues to expand its influence in Texas, employing over 12,500 workers at its campus in Plano. This facility has doubled its staff since its launch in 2017 and covers 1.5 million square feet, including several buildings and cafeterias. Over the past two decades, JPMorgan’s workforce in Texas has increased significantly, from 20,000 to more than 32,000 employees.
The momentum in the Texas financial sector extends beyond traditional banking. The New York Stock Exchange has declared its move from Chicago to Dallas, with the opening of NYSE Texas expected by March 31, 2025, and Bryan Daniel appointed as its president. Additionally, Charles Schwab relocated its global headquarters to Westlake, Texas, in late 2019, establishing campuses designed with multiple employee amenities. Nasdaq is also gearing up to open a new regional headquarters in Dallas, currently housing over 100 employees in Texas.
Citi maintains a robust presence in the state, operating eight offices with the largest located in Irving, employing approximately 11,000 individuals. Furthermore, Wise, a London-based fintech firm, has expanded its operations within Austin, securing an additional 90,000 square feet of office space for its U.S. headquarters.
In exciting developments for the Dallas area, it is now ranked as the second-largest region for financial jobs in the United States, surpassing traditional financial hubs like Chicago and Los Angeles. The area is home to more than 380,000 finance workers, and the average salary for financial analysts in Dallas is around $102,000—approximately 30% lower than their counterparts in New York City.
The rapid growth and establishment of financial firms in the Dallas-Fort Worth area have led to the region being dubbed “Y’all Street.” This nickname reflects the city’s appeal due to its lower taxes and affordable cost of living, attracting numerous businesses. Behind this growth, the Texas state government has implemented various bills designed to lure businesses to the state, further contributing to the area’s economic dynamism.
Although the expansion of financial institutions in Texas has raised some concerns regarding potential regulations related to political issues, the ongoing construction of campuses is anticipated to create jobs in both the construction and service sectors beyond finance.
These significant investments from various banks signal a long-term commitment to establishing Dallas as a key financial center in the United States. The influx of banking operations and related businesses is expected to continue shaping a robust economic landscape in Texas for years to come.
Deeper Dive: News & Info About This Topic
- NBC Dallas Fort Worth
- Crain Currency
- New York Post
- Dallas News
- Built In
- Wikipedia: Finance
- Google Search: finance jobs in dallas
- Google Scholar: finance industry dallas
- Encyclopedia Britannica: finance
- Google News: dallas finance jobs
Author: STAFF HERE COLLEGE WRITER
The COLLEGE STATION STAFF WRITER represents the experienced team at HERECollegeStation.com, your go-to source for actionable local news and information in College Station, Brazos County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Brazos Valley Fair & Rodeo, Chilifest, and Aggie Muster. Our coverage extends to key organizations like the Bryan-College Station Chamber of Commerce and United Way of the Brazos Valley, plus leading businesses in education, biotechnology, and retail that power the local economy such as Texas A&M University, Fujifilm Diosynth Biotechnologies, and H-E-B. As part of the broader HERE network, including HEREAustinTX.com, HEREDallas.com, HEREHouston.com, and HERESanAntonio.com, we provide comprehensive, credible insights into Texas's dynamic landscape.
