What You Need to Know
- Earlier this year, Schwab relocated its headquarters to the Dallas suburb of Westlake, where Fidelity has a campus.
- Vanguard Group has said it will open an office in the Dallas-Fort Worth area early next year, and JPMorgan has built up a campus in nearby Plano.
- Goldman is looking for less than 1 million square feet in Dallas.
Goldman Sachs Group Inc. is on the hunt for a new office campus in Dallas that could become the Wall Street bank’s largest presence in the U.S. outside of its Manhattan headquarters.
Executives are in advanced talks with developers as the firm scouts for expanded space in North Texas, a region known for steakhouses, luxury retail and low taxes.
The move could boost Goldman’s presence there to rival an older outpost in Jersey City, where the bank’s tower looms over much of the local skyline — and even supplant it in time, according to people with knowledge of the situation.
The plan underscores how Chief Executive Officer David Solomon is seeking to reshape U.S. operations geographically as he looks to rein in expenses, placing thousands of jobs in cheaper locales.
While the bank has been adding offices and workers for years in a number of strategic locations such as Dallas, the pandemic energized the effort, as managers learned how feasible it is to run businesses remotely.
“We continue to grow our presence in the Dallas area but cannot comment at this time on our future expansion plans,” said Maeve DuVally, a company spokeswoman.
Goldman’s other strategic locations around the world include Salt Lake City, Singapore, Warsaw and Bengaluru, formerly known as Bangalore. Together, such places already host more than a third of the firm’s 40,500 employees.
Like many other companies on Wall Street, the bank also has been developing plans in recent months to expand in low-tax Florida, such as West Palm Beach, where it’s adding hundreds of jobs. Some senior executives have lobbied for an even bolder push there.
While costs are a driving factor, the Wall Street giant is betting it will have advantages in recruiting, too. Not everyone wants to live in a densely populated financial capital such as New York. And it can be easier to lure and retain talent when there isn’t also a slew of major Wall Street banks mere blocks away.
Growth of ‘Big D’
North Texas has been trying to position itself as an oasis for finance and tech firms with lower taxes and high-end housing.