Texas is emerging as a powerful Texas financial hub as leading U.S. financial institutions expand their presence across the Lone Star State. Over the past few years, major Wall Street firms have strategically diversified operations, shifting thousands of jobs from New York City to Texas.
Goldman Sachs, JPMorgan Chase, Wells Fargo, Charles Schwab, and Bank of America have all made major investments in Texas. Their moves reflect a long-term transformation driven by business-friendly policies, lower taxes, and an affordable cost of living. This relocation wave began during the pandemic when many professionals left high-cost states like New York and California.
Goldman Sachs is building a massive 800,000-square-foot campus in Dallas, scheduled for completion in 2028. The facility will accommodate over 5,000 employees, expanding the firm’s existing workforce of 4,500 in the Dallas-Fort Worth area. The new development marks Goldman’s second-largest office in the country after New York.
JPMorgan Chase has also expanded aggressively, now employing around 31,000 workers in Texas. More than half of those employees are based in the Dallas-Fort Worth region, with 12,000 stationed at its Plano campus. For the first time, JPMorgan’s Texas workforce surpasses its headcount in New York City, signaling a significant geographic shift in financial operations.
Wells Fargo recently celebrated the opening of a new 22-acre campus featuring twin 10-story buildings capable of housing 4,500 staff. The Dallas Chamber lists the bank as one of the area’s largest employers, with up to 9,999 workers.
Charles Schwab completed its relocation from California to Texas nearly five years ago, cementing its headquarters in Westlake. The company’s decision to move emphasized the region’s growing appeal as a corporate destination for finance and investment services.
Bank of America is also investing heavily, constructing a 30-story office tower in downtown Dallas. Although the firm’s headquarters remain in Charlotte, its Texas operations now employ more than 10,000 people.
Experts note that political stability, regulatory flexibility, and competitive tax structures have made Texas a magnet for financial growth. As firms deepen their roots, the Texas financial hub continues to attract both talent and investment from around the country. With new campuses, expanding payrolls, and a shifting economic landscape, Texas is solidifying its place as America’s next great Texas financial hub.
