Business & Finance
Major financial firms expand operations and real estate across Texas
Institutions including Morgan Stanley, Goldman Sachs, and JPMorgan Chase are scaling hubs around Dallas and Austin.
The short version
- Wall Street banks, exchanges, and financial technology companies are increasing their presence in Texas, with Dallas emerging as a major regional center.
- Firms such as Morgan Stanley and Goldman Sachs are investing hundreds of millions of dollars into large new facilities scheduled to open between 2028 and 2031.
- The moves are driven by lower tax structures, regulatory environments, and cost-of-living advantages over traditional financial centers.
- Morgan Stanley faces a 2027 requirement to submit local hiring plans for Dallas residents before completing its 2031 move.
Key facts
- Morgan Stanley plans to open a 708,000-square-foot facility in Dallas by 2031 with a $587 million investment, aiming to accommodate roughly 3,800 workers by 2035.[Business Insider]
- Goldman Sachs is constructing an 800,000-square-foot Dallas campus costing $500 million, which is planned to house more than 5,000 workers starting in 2028.[Business Insider]
- JPMorgan Chase employs more than 32,000 people across Texas, including over 12,500 at its 1.5 million-square-foot complex in Plano.[Business Insider]
- Bank of America plans to move around 1,000 employees into nine floors of the Bank of America Tower at Parkside in Dallas in late 2027.[Business Insider]
- The Texas Stock Exchange launched operations in Dallas in July, while both Nasdaq and the New York Stock Exchange have expanded local administrative presence.[Business Insider]
- Fintech company Wise secured 90,000 square feet of additional office space across two floors in Austin, where the bulk of its 700-plus U.S. staff is based.[Business Insider]
What remains uncertain
- The extent to which new market venues like the Texas Stock Exchange will capture meaningful trading volume from established exchanges remains unclear.[Business Insider]