Texas is becoming a popular destination for Wall Street firms

Financial services companies have increased their presence in the US state of Texas in recent years as they diversified their strategic footprint beyond the traditional financial center of Wall Street in New York City.

Several of the nation’s leading banks and financial institutions have built new campuses or expanded their operating presence in Texas in recent years. The trend follows the moves of many Americans during the COVID-19 pandemic, away from high-tax states like New York and California to states with lower tax and regulatory burdens.

The Mayoral elections in New York The meeting, which will take place on Tuesday, could play a role in future decisions by financial companies about the location of their staff. Critics of the policies of Democratic candidate Zohran Mamdani, who calls himself a democratic socialist, have warned that his plans for tax hikes and other policies could spur corporate exits.

Here’s a look at five major financial companies and their presence in the Dallas area, one of the most important economic centers in the Lone Star State.

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Goldman Sachs

A view of Goldman Sachs’ office in Dallas, Texas, set to open in 2028. (Goldman Sachs)

The investment bank and financial services company is building a new 800,000-square-foot campus in Dallas that will house more than 5,000 employees. The company currently employs approximately 4,500 employees in the Dallas-Fort Worth metro area.

Goldman Sachs The Dallas office is the second largest in the US, behind only New York City and the company’s 7,800 employees. The new Dallas campus will house employees from the company’s various businesses and divisions.

The new campus is expected to open in 2028 following the completion of construction, interior design and staff migration.

JPMorgan Chase

JPMorgan Chase’s workforce 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.

from JPMorgan Chase The workforce in the state of Texas is larger than in New York City, which has 24,000 employees. The company has a campus in the suburb of Plano, where more than 12,000 of these employees are located.

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

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Wells Fargo

Customers use ATMs at a Wells Fargo bank branch. (Mario Anzuon/Reuters/Reuters)

At the end of last month, Wells Fargo has officially opened a new 22-acre campus, home to two ten-story office buildings that can accommodate 4,500 employees.

The Dallas Chamber reported that Wells Fargo had between 5,000 and 9,999 employees in the metroplex.

Charles Schwab

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

Charles Schwab The company has between 5,000 and 9,999 employees in the Dallas metro area, according to the Dallas Chamber report.

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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 constructing a new 30-story office building in Dallas, though it will retain its headquarters in Charlotte. The company’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.

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