Wall Street Heads South: Major Banks Double Down on Texas as New York’s Future Wavers

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00:00Wall Street heads south. Major banks double down on Texas as New York's future waivers.

00:06Wall Street's dominance over America's financial landscape is fading, and Texas is quickly emerging as its biggest rival.

00:13According to Fox Business, major banks and investment firms have been shifting operations to the Lone Star State in recent years,

00:20drawn by lower taxes, affordable real estate, and a more business-friendly regulatory climate.

00:25What began as a temporary pandemic-era relocation has now evolved into a long-term transformation,

00:33positioning Texas as America's second financial capital.

00:36The movement could gain further momentum depending on Tuesday's New York City mayoral election.

00:41Democratic Socialist candidate Zoran Mamdani has proposed sweeping tax hikes on corporations and high earners,

00:48prompting concerns that more companies could leave the city.

00:51Goldman Sachs is leading the charge, building an 800,000-square-foot campus in Dallas set to open in 2028.

01:00The facility will house more than 5,000 employees and consolidate multiple divisions, reinforcing Goldman's commitment to Texas.

01:08JPMorgan Chase has also grown rapidly in the state, employing over 31,000 people, surpassing its New York City headcount.

01:16The bank's Plano and Dallas-Fort Worth offices have become central to its operations.

01:21Wells Fargo recently opened a 22-acre campus in Irving, featuring twin 10-story towers capable of housing 4,500 workers.

01:30Meanwhile, Charles Schwab fully relocated its headquarters from California to Westlake nearly five years ago,

01:37and now employs about 10,000 people in the Dallas area.

01:39Bank of America, though based in Charlotte, is constructing a new 30-story tower in downtown Dallas,

01:46further cementing the city's financial prominence.

01:49As New York weighs higher taxes and tighter regulations,

01:53Texas's pro-business environment appears to be redefining America's financial map,

01:58shifting its center of gravity steadily toward the south.

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