September 13, 2025

Dallas Emerges as a Rising Financial Hub with Major Bank Expansions

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 significant transformation in its financial landscape as major banks like Goldman Sachs and Bank of America expand their operations in Dallas, solidifying the city’s status as a key financial hub. Goldman Sachs is making a notable $500 million investment to establish a new campus that will become its largest U.S. workforce site outside New York City. This upcoming facility is set to span 800,000 square feet and will provide employment for over 5,000 staff members by its opening date in 2028.

The Goldman Sachs campus will feature a variety of modern amenities aimed at promoting employee well-being, including fitness and wellness facilities, numerous dining options, childcare services, lounges, and conference spaces. There will also be bike parking and rooftop gardens, all designed to create an attractive working environment.

Goldman Sachs has been active in Dallas for nearly six decades, primarily focusing on private wealth management and investment banking. The popularity of the firm has surged, as evidenced by a 52% increase in the number of applicants to its Dallas program over the last five years.

Adding to this momentum, Bank of America plans to move into a new facility called the Bank of America Tower at Parkside, which is set to open in the third quarter of 2027. This new building will accommodate approximately 1,000 employees on nine of its 30 floors, and will offer amenities such as a state-of-the-art fitness center and a coffee bar.

As of July, Bank of America reported employing 19,000 people across Texas, with 14,480 of those in the Dallas-Fort Worth area. Meanwhile, JPMorgan Chase has bolstered its presence in Texas, employing over 12,500 individuals at its Plano campus, which has seen staffing double since its opening in 2017. The Plano campus spans 1.5 million square feet and features multiple buildings and cafeterias catering to its workforce.

The overall number of JPMorgan employees in Texas has grown considerably, increasing from 20,000 to over 32,000 in the last 20 years. This trend reflects a broader shift in the financial industry towards the Lone Star State, with major entities relocating and expanding. The New York Stock Exchange announced its plans to move from Chicago to Dallas, establishing NYSE Texas by March 31, 2025, under the leadership of Bryan Daniel as president.

Charles Schwab’s relocation of its global headquarters to Westlake, Texas, in late 2019 exemplifies the trend. This move brought several employee-friendly amenities alongside. Furthermore, Nasdaq is preparing to open a new regional headquarters in Dallas, currently employing more than 100 staff in the area. Citi maintains a substantial footprint in Texas, operating eight offices, with the largest based in Irving and employing around 11,000 individuals.

In addition to traditional banking institutions, innovative financial firms are also joining the wave of expansion. Wise, a London-based fintech company, has recently enlarged its operations in Austin, adding 90,000 square feet of office space for its U.S. activities. With these developments, Dallas has become the second-largest area for finance jobs in the U.S., surpassing both Chicago and Los Angeles, with more than 380,000 finance workers calling the area home.

The economic landscape is further supported by favorable conditions for businesses, such as low taxes and a lower cost of living. The average salary for financial analysts in Dallas stands at approximately $102,000, which is about 30% less than their counterparts in New York City. The Texas state government has actively passed legislation to attract more businesses, fostering a climate conducive to growth and the creation of new jobs across construction and service industries.

However, there are concerns regarding potential regulations affecting financial firms amid ongoing political discussions in Texas. Despite this uncertainty, the substantial investments in new and existing campuses by leading financial institutions underscore a long-term commitment to Dallas as a pivotal center for finance.

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Author: STAFF HERE GEORGETOWN

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