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: Dallas Emerges as a Rising Financial Hub with Major Bank Expansions
Dallas is rapidly transforming into a prominent financial hub, attracting major investments from leading banks, signaling robust growth in the banking sector. This trend is poised to create significant opportunities for local residents and elevate the city’s standing in the financial industry.
Goldman Sachs Makes a Bold Move
Goldman Sachs has taken a significant step in Dallas by announcing a $500 million investment to establish a new campus in the area. This facility will be the firm’s largest workplace outside of New York City, covering an expansive 800,000 square feet and providing space for over 5,000 employees. Scheduled to open in 2028, the campus will feature various amenities, including fitness and wellness facilities, dining options, childcare services, lounges, conference areas, bike parking, and rooftop gardens. Having been part of the Dallas community for nearly 60 years, Goldman Sachs has seen a 52% increase in applicants for its Dallas program over the past five years.
Bank of America’s New Tower
Bank of America is also expanding its operations in Dallas with plans to move into the new Bank of America Tower at Parkside, which is set to open in the third quarter of 2027. The new tower will house about 1,000 employees across nine of its thirty floors and will feature modern amenities, including a fitness center and coffee bar. Currently, Bank of America employs approximately 19,000 individuals across Texas, with over 14,480 located in the Dallas-Fort Worth area.
JPMorgan Chase Expands Its Presence
JPMorgan Chase continues to strengthen its presence in the region with over 12,500 employees at its Plano campus, which spans 1.5 million square feet. This location, which opened in 2017, has already doubled its staff and offers multiple buildings and dining options, making it an attractive destination for finance professionals. In Texas, JPMorgan Chase’s employee numbers have surged from 20,000 to over 32,000 over the past twenty years.
NYSE and Other Major Moves
The New York Stock Exchange is making headlines with plans to relocate from Chicago to Dallas, with an anticipated opening of NYSE Texas slated for March 31, 2025. Additionally, Charles Schwab has moved its global headquarters to Westlake, Texas, enhancing its workspace with contemporary features. Fintech firms are also getting involved, with Nasdaq planning a new regional headquarters in Dallas, complementing its already extensive workforce in the state. Citi operates eight offices across Texas, with its largest located in Irving, employing around 11,000 people.
An Austin Influence
The financial technology sector is also seeing growth, as Wise, a London-based fintech company, expands its footprint in Austin, adding 90,000 square feet of office space to accommodate its U.S. operations.
Dallas: A Finance Job Hotspot
With a workforce exceeding 380,000 finance workers, Dallas has climbed to the position of the second-largest area for finance jobs in the United States, surpassing cities like Chicago and Los Angeles. Financial analysts in the area can expect to earn an average salary of approximately $102,000, which is about 30% less than their counterparts in New York City. Known colloquially as “Y’all Street”, Dallas-Fort Worth is becoming increasingly appealing to businesses, bolstered by lower taxes and a favorable cost of living. The Texas state government has implemented policies to attract companies, further energizing the local economy.
As these developments unfold, construction of new campuses is projected to generate jobs not only within the financial sector but also in construction and service industries. The substantial investments made by banks indicate a long-term commitment to establishing Dallas as a thriving financial center for years to come.
In summary, the future for Dallas in the financial landscape appears promising, with significant advancements on the horizon that will shape the city’s economic trajectory.
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 AUSTIN WRITER
The AUSTIN STAFF WRITER represents the experienced team at HEREAustinTX.com, your go-to source for actionable local news and information in Austin, Travis 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 SXSW, Austin City Limits Music Festival, Formula 1 United States Grand Prix, and the Austin Film Festival. Our coverage extends to key organizations like the Greater Austin Chamber of Commerce and Visit Austin, plus leading businesses in technology, automotive, and retail that power the local economy such as Dell Technologies, Tesla, and Apple. As part of the broader HERE network, including HERECollegeStation.com, HEREDallas.com, HEREHouston.com, and HERESanAntonio.com, we provide comprehensive, credible insights into Texas's dynamic landscape.
