Goldman Sachs is set to invest approximately $700 million in a new campus located in Dallas, covering 800,000 square feet and designed to accommodate over 5,000 employees. This development is scheduled to open in 2028 and highlights the ongoing trend of major financial firms relocating to Texas.
Dallas has become Goldman Sachs' second largest office in the U.S., following its headquarters in Manhattan. The firm has maintained a presence in the city since 1968. Other financial giants, including JPMorgan Chase, Morgan Stanley, and BlackRock, have also expanded their operations in Texas, contributing to a growing financial hub that industry insiders have dubbed "Y'all Street."
The appeal of Texas for these firms is attributed to its lack of state income tax, a more favorable regulatory environment, and recent laws aimed at attracting businesses. As companies and affluent households continue to move to Texas, banking relationships are shifting, prompting firms to establish senior banking positions locally.
Goldman Sachs partner Aasem Khalil praised Dallas as an exceptionally welcoming city, while Mayor Eric Johnson emphasized the city's collaborative relationship with corporations. Despite these developments, experts note that Dallas is unlikely to rival New York's Wall Street in the immediate future, given the latter's concentration and depth in financial markets.
Plano is about 18 miles north of Dallas.
