Dallas, Texas, November 28, 2025
Major financial institutions are increasingly shifting their operations to Texas, away from traditional centers such as Wall Street. Goldman Sachs is developing a new campus in Dallas, while JPMorgan Chase has significantly enhanced its workforce in the state. Other firms, including Scotiabank and Nasdaq, are also expanding their Texas presence. This trend is fueled by Texas’s favorable business environment, contributing to job creation and economic growth.
Texas Financial Firms Expand Operations, Boosting Economy
Major Financial Institutions Embrace the Lone Star State
Dallas, Texas – In recent years, several major financial institutions have significantly increased their operations in Texas, moving beyond traditional Wall Street hubs. This trend underscores the state’s growing appeal as a financial services center.
Goldman Sachs’ New Dallas Campus
Goldman Sachs is constructing an 800,000-square-foot campus in Dallas, set to accommodate over 5,000 employees. This facility will be the firm’s second-largest U.S. office, following New York City. The campus is scheduled to open in 2028.
JPMorgan Chase’s Texas Workforce Growth
JPMorgan Chase has expanded its Texas workforce, surpassing its presence in New York City. The firm now employs over 12,500 workers at its Plano campus, which has doubled its staff since 2017. Over the past two decades, JPMorgan’s workforce in Texas has increased from 20,000 to more than 32,000 employees.
Scotiabank’s Dallas Expansion
Scotiabank is establishing a major regional office in Dallas, creating over 1,020 new jobs and investing more than $60 million. This expansion reinforces the bank’s longstanding presence in Texas, where it has operated since the 1960s.
Nasdaq’s Regional Headquarters in Dallas
Nasdaq has opened a new regional headquarters in Dallas, highlighting its commitment to the Texas financial ecosystem. The firm has supported the Texas economy for nearly two decades, generating over $750 million in revenues and partnering with more than 2,000 clients, approximately 800 of which are based in Texas.
Texas Capital Bank’s Service Expansion
Texas Capital Bank has significantly expanded its Corporate and Investment Banking Division, adding professionals across various sectors to enhance its advisory and capital markets services. The bank also plans to open offices in Los Angeles and Chicago to better serve clients in key financial centers.
Huntington Bancshares’ Acquisition in Texas
Huntington Bancshares announced its acquisition of Texas-based Veritex Community Bank for $1.9 billion in an all-stock transaction. This move is expected to significantly boost Huntington’s Texas footprint, particularly in the Dallas-Fort Worth and Houston markets.
Charles Schwab’s Expansion in Texas
Charles Schwab is growing its national branch network and adding hundreds of new jobs to bolster its physical presence and provide more in-person financial services. The firm plans to open 16 new branches and 25 expansions or relocations across the U.S., including several in Texas.
Factors Driving the Expansion
Several factors contribute to the expansion of financial firms in Texas, including the state’s favorable business climate, lower operating costs, and a growing talent pool. The COVID-19 pandemic accelerated this trend, as firms sought to diversify their operations and reduce reliance on traditional financial centers.
Conclusion
The significant investments and expansions by major financial institutions in Texas reflect the state’s rising prominence in the financial services sector. This trend is expected to continue, further solidifying Texas as a key player in the industry.
FAQ
Why are major financial firms expanding their presence in Texas?
Major financial firms are expanding their presence in Texas due to the state’s favorable business climate, lower operating costs, and a growing talent pool. The COVID-19 pandemic accelerated this trend, as firms sought to diversify their operations and reduce reliance on traditional financial centers.
What are some examples of financial firms expanding in Texas?
Examples include Goldman Sachs constructing an 800,000-square-foot campus in Dallas, JPMorgan Chase increasing its Texas workforce to over 12,500 employees, and Scotiabank establishing a major regional office in Dallas, creating over 1,020 new jobs.
How has the COVID-19 pandemic influenced this expansion?
The COVID-19 pandemic accelerated the expansion of financial firms in Texas, as companies sought to diversify their operations and reduce reliance on traditional financial centers.
What impact does this expansion have on the Texas economy?
The expansion of financial firms in Texas contributes to job creation, increased investment, and the state’s growing prominence in the financial services sector.
Are other financial firms also expanding in Texas?
Yes, other financial firms, such as Nasdaq and Texas Capital Bank, have also expanded their operations in Texas, highlighting the state’s appeal to the financial services industry.
Key Features of Financial Firms Expanding in Texas
| Financial Firm | Expansion Details | Location | Impact |
|---|---|---|---|
| Goldman Sachs | Constructing an 800,000-square-foot campus to accommodate over 5,000 employees | Dallas, Texas | Second-largest U.S. office, scheduled to open in 2028 |
| JPMorgan Chase | Increased Texas workforce to over 12,500 employees at Plano campus | Plano, Texas | Staff doubled since 2017, workforce increased from 20,000 to over 32,000 employees in two decades |
| Scotiabank | Establishing a major regional office, creating over 1,020 new jobs and investing more than $60 million | Dallas, Texas | Reinforces longstanding presence in Texas since the 1960s |
| Nasdaq | Opened a new regional headquarters, generating over $750 million in revenues and partnering with more than 2,000 clients | Dallas, Texas | Highlights commitment to the Texas financial ecosystem |
| Texas Capital Bank | Expanded Corporate and Investment Banking Division, adding professionals across various sectors | Dallas, Texas | Plans to open offices in Los Angeles and Chicago to better serve clients in key financial centers |
| Huntington Bancshares | Acquired Texas-based Veritex Community Bank for $1.9 billion in an all-stock transaction | Dallas-Fort Worth and Houston, Texas | Significantly boosts Texas footprint, particularly in Dallas-Fort Worth and Houston markets |
| Charles Schwab | Growing national branch network, adding hundreds of new jobs, plans to open 16 new branches and 25 expansions or relocations across the U.S. | Various locations in Texas | Bolsters physical presence and provides more in-person financial services |
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