Several of the nation’s largest financial institutions have expanded their operations in Texas in recent years, marking a significant shift in the financial sector’s traditional concentration around New York City’s Wall Street.

The movement reflects a broader trend of businesses and workers relocating from high-tax states such as New York and California to regions with lower taxes and fewer regulatory constraints.

The influx began during the COVID-19 pandemic, when corporations sought to diversify their geographic presence and employees increasingly opted for states offering a lower cost of living and more favorable tax environments.

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Texas, with its business-friendly climate and central location, has become a key destination for major banks and investment firms.

The New York City mayoral election of Zohran Mamdani could influence the next wave of corporate decisions.

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Mamdani, who identifies as a democratic socialist, has proposed tax increases and expanded social programs that critics say could further drive businesses to move operations elsewhere.

Here is a look at several of the largest financial firms that have significantly increased their presence in Texas, particularly in the Dallas-Fort Worth metropolitan area, which has emerged as one of the state’s financial hubs.

Goldman Sachs

Goldman Sachs is constructing a new 800,000-square-foot campus in Dallas that will accommodate more than 5,000 employees once completed.

The firm currently employs about 4,500 workers in the Dallas-Fort Worth area, making the region its second-largest U.S. location after New York City, which has approximately 7,800 employees.

The Dallas campus will consolidate employees from across the company’s divisions, including investment banking, asset management, and consumer operations.

Construction is underway, with the facility expected to open in 2028 after the completion of the building, interiors, and relocation of personnel.

JPMorgan Chase

JPMorgan Chase, the largest bank in the United States, employs roughly 31,000 workers across Texas, including about 18,000 in the Dallas-Fort Worth area.

That figure surpasses the company’s 24,000 employees in New York City.

The firm’s largest Texas campus is in Plano, a Dallas suburb, where more than 12,000 of its employees are based.

The Dallas Chamber of Commerce lists JPMorgan Chase among the region’s top employers, noting that it employs more than 10,000 workers across the metroplex.

Wells Fargo

In late October, Wells Fargo officially opened its new 22-acre campus in the Dallas area, which includes two 10-story office towers designed to house 4,500 employees.

The company’s investment in the area reflects its growing commitment to Texas as a strategic operations center. The Dallas Chamber reports that Wells Fargo employs between 5,000 and 9,999 workers in the region.

Charles Schwab

Charles Schwab moved its corporate headquarters from California to Westlake, Texas, nearly five years ago, marking one of the most significant financial relocations to the state.

The firm’s decision coincided with a broader corporate migration out of California, where taxes and regulatory costs have driven companies to seek more business-friendly environments.

Schwab currently employs between 5,000 and 9,999 workers in the Dallas-Fort Worth area, according to data from the Dallas Chamber.

The Westlake campus serves as the company’s main operational and administrative hub.

Bank of America

Bank of America is constructing a new 30-story office tower in downtown Dallas as part of its plan to expand operations in the region.

While the company’s corporate headquarters will remain in Charlotte, North Carolina, the Dallas development will add to its growing presence in Texas.

The building is scheduled for completion in 2027.

The Dallas Chamber reports that Bank of America employs more than 10,000 people in the metro area, with additional offices spread across Houston and Austin.

As more financial firms expand or relocate to Texas, the state continues to position itself as a major center for banking, investment, and financial services.

The combination of a skilled workforce, favorable tax structure, and lower cost of operations has made Texas an increasingly attractive alternative to the nation’s traditional financial capitals.

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