When it comes to finance, it’s no longer New York or nowhere — and Morgan Stanley’s new expansion plan is the clearest sign yet.
The firm plans to open its permanent Dallas hub by 2031, joining a growing list of Wall Street names betting on Texas, drawn by low taxes, light regulations, and a cheaper cost of living.
Banks and financial institutions are among hundreds of businesses hopping on the trend, setting up flashy campuses in Dallas, which some have coined “Y’all Street.” Others, like Vanguard, are opening up regional offices in the area. The Texas Stock Exchange is based in Dallas and began trading in July, as it vies to take business from the New York Stock Exchange and Nasdaq.
The election of New York City Mayor Zohran Mamdani has only fueled debates about whether New York is still the best place to do business, while Texas lawmakers have passed bills they say will attract more businesses to the state.
From JPMorgan to Goldman Sachs, here are some of the big finance players growing their footprint in the Lone Star State.
Morgan Stanley
Morgan Stanley plans to have employees move into a 708,000-square-foot building in Dallas by 2031, according to a resolution filed with the city’s city council in July 2026. During construction, some Morgan Stanley employees will work in a smaller, temporary facility.
The bank will invest just over $587 million in the permanent building, which will house around 3,800 employees by the end of 2035, including current Dallas workers, relocated positions, and new roles, the filing shows. Morgan Stanley has also committed to hiring Dallas residents for at least 25% of the relocated or created roles and must submit a plan by the end of 2027 outlining how it will recruit local talent. As part of the plan, the bank will work with students from Dallas College on internship and apprenticeship opportunities, along with at least one other local institution.
Goldman Sachs
Goldman Sachs is spending $500 million on a new campus in Dallas, the site of its largest US workforce outside New York City. More than 5,000 employees are expected to work from campus.
The 800,000-square-foot office is scheduled to open in 2028, Business Insider previously reported. The lengthy list of amenities will include fitness and wellness facilities, multiple dining options, childcare services, lounges, event and client conference spaces, bike parking, and rooftop gardens and terraces.
Goldman Sachs has had a presence in Dallas for nearly 60 years, primarily across private wealth management and investment banking, but employees in the area now span all divisions and businesses. The number of applicants to the bank’s Dallas program has increased by 52% in the past five years, as the Dallas Business News Journal previously reported.
Bank of America
Bank of America is moving to a new tower in Dallas: Bank of America Tower at Parkside. Employees are expected to move into the tower in the third quarter of 2027, according to a spokesperson. Around 1,000 employees are expected to work in the building, which hopes to become “Dallas’ most coveted office address,” according to its website.
The bank will use nine of the building’s 30 floors, and amenities will include a fitness center, coffee and drink bar, floor-to-ceiling windows, green walls, and terraces, per the spokesperson. The new building is less than a mile from Goldman’s upcoming Dallas headquarters.
As of July 2025, 19,000 Bank of America employees worked in Texas, with 14,480 of them in the Dallas-Fort Worth area.
JPMorgan
More than 12,500 employees work out of JPMorgan Chase’s campus in Plano, Texas, a major suburb of Dallas. The number of employees working in the complex has doubled since it opened in 2017, a spokesperson previously told Business Insider. There are two cafeterias and an on-site smokehouse, according to a video on the bank’s social media.
The campus sits on 50 acres and includes four buildings across 1.5 million square feet of office space. Tech plays a big role in the area: Dallas is one of the bank’s key global tech centers, with more than 5,000 technologists working locally.
As of 20 years ago, 20,000 JPMorgan staffers worked in Texas. Now, that number is more than 32,000, the most of any state.
New York Stock Exchange
The New York Stock Exchange announced in 2025 that it was set to relocate its Chicago outpost to Dallas.
Last year, Bryan Daniel was appointed as NYSE Texas President, and the stock exchange announced it had signed a lease at the Old Parkland campus in Dallas.
The NYSE already had employees in Dallas working on the Capital Markets and Listings teams who focus on the region, a spokesperson said.
“As the state with the largest number of NYSE listings, representing over $3.7 trillion in market value for our community, Texas is a market leader in fostering a pro-business atmosphere,” NYSE Group president Lynn Martin said in a statement in 2025.
Charles Schwab
Charles Schwab opened its global headquarters in Westlake, Texas, in late 2019. The campus includes seven buildings, sits on 70 acres in the Dallas suburb, and has a food hall, walking paths, showers, coffee bars, and electric vehicle chargers.
More than 6,000 employees work in the broader Dallas-Fort Worth area and almost 10,000 work across the state, a spokesperson told Business Insider. The financial services company opened its first branch in Dallas-Fort Worth in 1977, and used to be headquartered in San Francisco. The switch was announced when Charles Schwab acquired TD Ameritrade, partly because both companies had a “sizable presence in the Dallas-Fort Worth area,” according to a press release at the time.
Nasdaq
Nasdaq Texas launched in March with a new regional headquarters in Dallas. It allows companies like newly public SpaceX to dual-list.
Nasdaq has had a presence in Texas for more than two decades, the spokesperson said, and has more than 100 employees in the state. It also has around 900 clients, like banks and financial institutions, in Texas, and more than 200 listed companies are headquartered there.
Citi
Citi has been in Texas for decades and has eight offices throughout the state. The biggest is in Irving, a Dallas suburb about 10 miles outside the city.
Approximately 11,000 employees work at the Irving campus, a spokesperson told Business Insider, working in the technology, global functions, US private bank, and services divisions. The company bought the campus in 2000, which includes a fitness center, cafe, wellness clinic, walking trail, and game room.
Wise
The London-based fintech company Wise first opened an office in Austin in 2021, and announced in September 2025 that it’s significantly expanding its footprint in the city. Wise leased two additional floors of office space, totaling 90,000 square feet, according to a spokesperson.
There are more than 700 Wise employees in the United States and most are based in Austin, the spokesperson said. The company was hiring for 29 roles in Texas compared to one role in New York as of September 10, according to its website.
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