Major Financial Firms Expand Texas Operations in Historic Geographic Shift

This analysis is based on the Fox Business report [1] published on November 4, 2025, which documents the significant expansion of major financial services firms in Texas, marking a historic shift from traditional Wall Street dominance.

The financial services industry is undergoing a fundamental geographic transformation as major Wall Street firms collectively invest billions in Texas operations. Goldman Sachs is constructing a $500 million, 800,000-square-foot Dallas campus scheduled for 2028 completion, housing over 5,000 employees [1][2]. JPMorgan Chase now employs 31,000 workers in Texas (surpassing its 24,000 NYC workforce), with 18,000 concentrated in Dallas-Fort Worth [1][3]. Wells Fargo recently opened a new 22-acre campus with two 10-story buildings accommodating 4,500 workers, while Bank of America is constructing a 30-story Dallas tower expected in 2027 [1].

The migration extends beyond traditional banking to include critical trading infrastructure. The New York Stock Exchange has relocated its electronic exchange to Dallas from Chicago, while Nasdaq plans a regional headquarters in the city [2]. The emerging Texas Stock Exchange has attracted investments from Citadel Securities and BlackRock Inc. [4], further solidifying Texas’s position as a major financial hub.

According to Partnership for New York City data, Texas surpassed New York in financial sector employment in 2024, with 519,000 employees compared to New York’s 507,000 [3]. This represents the first time in history that Texas has led in financial services employment, marking a fundamental rebalancing of the industry’s geographic distribution.

Bank of America CEO Brian Moynihan emphasized that modern financial operations require “big technology coding jobs” with salaries of $200,000-$300,000 for back office operations, risk management, and cybersecurity [5]. This technological transformation enables geographic flexibility as trading becomes increasingly electronic rather than floor-based, allowing firms to distribute high-value functions beyond traditional financial centers.

Texas has strategically positioned itself through constitutional bans on financial transaction taxes, creation of specialized business courts, and a pro-business regulatory environment [2]. These policy advantages contrast with New York’s challenges, where financial services employment shrank by 8,400 jobs from January through August 2025 [5][7].

The financial services sector accounted for 22% of New York City’s economy in 2024, totaling $280 billion [3]. The ongoing migration presents significant risks to New York’s tax revenue base and economic model, particularly as the trend may accelerate following municipal elections that could affect tax policies [1][6].

For financial firms, the expansion offers cost optimization through lower operating expenses and talent acquisition advantages. However, managing distributed workforces across multiple major hubs requires significant operational complexity and cultural adaptation [1].

Texas’s business-friendly policies have successfully attracted capital-intensive industries, creating opportunities for sustained economic growth. The influx of high-paying financial services jobs supports ancillary business development and strengthens the state’s position as a competitive business location [1][2].

The geographic shift in financial services represents a fundamental restructuring driven by technological enablement, economic incentives, and changing workforce preferences. Major firms are investing billions in Texas infrastructure, with JPMorgan Chase’s Texas workforce now exceeding its NYC presence by 7,000 employees [3]. While New York will likely remain a crucial financial center, the emergence of Texas as a major hub signals a more distributed future for the industry, with significant implications for employment patterns, tax revenues, and competitive dynamics across both regions [1][3][6].