Wall Street firms have increasingly moved operations to Dallas, with several major financial institutions expanding their presence in the city. The Texas Stock Exchange recently received approval from the Securities and Exchange Commission to begin operations, with plans to open next year. Its temporary office is at 4550 Travis Street in Uptown Dallas while it searches for a permanent headquarters.
Both the New York Stock Exchange (NYSE) and Nasdaq are planning regional headquarters in Dallas. NYSE has leased space at Old Parkland in Uptown Dallas for its Texas exchange offices.
Arlington-based D.R. Horton, the largest homebuilder in the United States, is among those committed to listing on the NYSE Texas exchange.
Texas now has more financial services jobs than New York City, according to reports. Additional growth is expected as Goldman Sachs builds a $500 million office in Uptown Dallas and Wells Fargo develops a 22-acre campus in Irving’s Las Colinas area.
JPMorgan Chase employs more people in Texas than at its New York City headquarters. The bank has 18,000 employees in Dallas compared to 24,000 in New York City. Jamie Dimon, CEO of JPMorgan Chase, said: “It’s hospitable. It’s the infrastructure, it’s the education, it’s the taxes. They want business, they support it,” Dimon told the Dallas Morning News in 2023. “It’s conducive to helping everybody. That’s how you build a healthy, vibrant society. And so we’re urging them here not to become like Washington, D.C., which does almost everything it can to slow down the growth of companies.”
Some New Yorkers have expressed concern about this shift. Kathryn Wylde, president and CEO of the Partnership for New York City said on talk radio: “The financial services industry, they’re our biggest taxpayers and major employers — and that industry is shrinking in New York,” she said. “That’s scary.”
Despite these changes, JPMorgan Chase will soon open a new 2.5 million-square-foot headquarters on Park Avenue in Midtown Manhattan.
Uptown Dallas continues to attract top leases from financial firms and remains one of the city’s most active office markets.
Union Investment recently sold an office building at 2000 McKinney Avenue in Uptown—the largest office sale so far this year—at a price above its 2016 purchase price of $226 million.
In another development connecting Dallas and New York City finance sectors, NorthPark Center secured $900 million refinancing from banks including Wells Fargo, Morgan Stanley and Goldman Sachs; this allows local owners Nasher-Haemisegger family to buy out JPMorgan’s stake.
Joshua Pack, co-CEO of Fortress Investment Group—which has offices both in Dallas and New York—recently died at age 51 after relocating from Dallas to London for European expansion efforts.
