Dallas, Texas, November 30, 2025
Major financial institutions are increasingly relocating and expanding operations in Texas, shifting the financial landscape from traditional hubs like New York City. Firms like Goldman Sachs and JPMorgan Chase are establishing significant presences, attracted by the state’s business-friendly environment and growing talent pool. This trend reflects a broader migration of enterprises seeking favorable regulatory conditions and enhanced workforce access, positioning Texas as a burgeoning financial center in the U.S.
Dallas, Texas – Major financial institutions are increasingly establishing and expanding their operations in Texas, signaling a significant shift from traditional financial hubs like New York City. This trend is driven by the state’s favorable business environment, lower taxes, and a growing talent pool.
Key Developments
- Goldman Sachs is constructing an 800,000-square-foot campus in Dallas, set to open in 2028, which will accommodate over 5,000 employees, making it the firm’s largest hub outside of New York.
- JPMorgan Chase has significantly increased its presence in Texas, employing approximately 31,000 individuals statewide, with over 12,500 employees at its Plano campus, which has doubled in size since its opening in 2017.
- Wells Fargo opened a $570 million campus in Irving, Texas, featuring two 10-story towers and housing 4,500 employees, underscoring the region’s growing financial significance.
- Charles Schwab relocated its global headquarters to Westlake, Texas, in late 2019, bringing several employee-friendly amenities and supporting over 10,000 employees in the state.
- Nasdaq plans to open a new regional headquarters in Dallas, enhancing its presence in a state that is becoming a major financial center to rival New York.
- New York Stock Exchange (NYSE) relocated its Chicago outpost to Dallas, officially opening NYSE Texas at the Old Parkland campus on March 31, 2025, signaling a deeper regional commitment.
- Fisher Investments moved its headquarters to Plano, Texas, in 2023, marking a significant move from its previous base in Camas, Washington.
- Citizens Financial Group expanded into Texas by acquiring Franklin American Mortgage in 2018, increasing its footprint in the state.
Factors Driving Expansion
The migration of financial firms to Texas is influenced by several factors:
– Business-Friendly Environment: Texas offers lower state and local taxes, fewer regulatory burdens, and a favorable climate for business operations.
– Growing Talent Pool: The state’s population growth and influx of skilled workers provide a robust labor force for financial institutions.
– Strategic Location: Texas’s central location and strong economic performance make it an attractive base for financial operations.
This trend reflects a broader real-estate and tax migration as companies seek more favorable regulatory environments and access to growing talent markets.
Implications for the Financial Industry
The expansion of major financial firms into Texas is reshaping the financial landscape, positioning the state as a burgeoning financial hub. This shift is expected to foster increased competition, innovation, and economic growth within the sector.
Conclusion
The significant investments and relocations by major financial institutions to Texas underscore the state’s emerging role as a key player in the financial industry, challenging the traditional dominance of Wall Street. As more firms establish a presence in the state, Texas is poised to become a central hub for financial services in the United States.
FAQ
- Which financial firms are expanding their operations in Texas?
Major financial institutions such as Goldman Sachs, JPMorgan Chase, Wells Fargo, Charles Schwab, Nasdaq, New York Stock Exchange (NYSE), Fisher Investments, and Citizens Financial Group are expanding their operations in Texas. - What factors are driving financial firms to relocate to Texas?
Financial firms are attracted to Texas due to its business-friendly environment, lower taxes, fewer regulatory burdens, and a growing talent pool. - How is Texas emerging as a financial hub?
The expansion of major financial institutions into Texas is positioning the state as a burgeoning financial hub, challenging the traditional dominance of Wall Street.
Key Features
| Financial Firm | Expansion Details | Location |
|---|---|---|
| Goldman Sachs | Building an 800,000-square-foot campus to house over 5,000 employees | Dallas, Texas |
| JPMorgan Chase | Employs approximately 31,000 individuals statewide, with over 12,500 employees at its Plano campus | Plano, Texas |
| Wells Fargo | Opened a $570 million campus featuring two 10-story towers and housing 4,500 employees | Irving, Texas |
| Charles Schwab | Relocated its global headquarters, supporting over 10,000 employees in the state | Westlake, Texas |
| Nasdaq | Plans to open a new regional headquarters | Dallas, Texas |
| New York Stock Exchange (NYSE) | Relocated its Chicago outpost to Dallas, officially opening NYSE Texas | Dallas, Texas |
| Fisher Investments | Moved its headquarters to Plano, Texas | Plano, Texas |
| Citizens Financial Group | Expanded into Texas by acquiring Franklin American Mortgage | Texas |
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Author: STAFF HERE DALLAS WRITER
The DALLAS STAFF WRITER represents the experienced team at HEREDallas.com, your go-to source for actionable local news and information in Dallas, Dallas 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 State Fair of Texas, Deep Ellum Arts Festival, and Dallas International Film Festival. Our coverage extends to key organizations like the Dallas Regional Chamber and United Way of Metropolitan Dallas, plus leading businesses in telecommunications, aviation, and semiconductors that power the local economy such as AT&T, Southwest Airlines, and Texas Instruments. As part of the broader HERE network, including HEREAustinTX.com, HERECollegeStation.com, HEREHouston.com, and HERESanAntonio.com, we provide comprehensive, credible insights into Texas's dynamic landscape.
