Welcome to Y’all Street: bullish Dallas aims to steal New York’s financial crown
Summary
Dallas is working hard to become a major financial center, competing with New York City. Big banks like Goldman Sachs and Scotiabank are expanding or moving there, attracted by tax breaks, subsidies, and business-friendly policies. Dallas also plans to launch its own stock exchange to challenge established ones in New York.Key Facts
- Goldman Sachs is building an 800,000 sq ft campus in Dallas to host over 5,000 staff with a $700 million investment.
- The Dallas-Fort Worth area’s financial sector workforce has grown 40% in the past decade, reaching 386,000 workers.
- Texas offers no state corporate or income tax, and Dallas provides tax breaks and fast business courts to attract companies.
- Scotiabank moved from North Carolina to Dallas with the help of a 10-year property tax break and $2.7 million in grants.
- Both Nasdaq and the New York Stock Exchange have opened branches in Dallas to attract local listings.
- Dallas plans to launch its own Texas Stock Exchange (TXSE) with looser rules and no diversity requirements, targeting executives uneasy with New York policies.
- Dallas’s mayor, Eric Johnson, is actively promoting the city to Wall Street firms and has sent a delegation to New York to recruit businesses.
- Dallas aims to leverage its proximity to the fossil fuel, tech, and AI industries to boost its financial sector.
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