From Fortune:

Dallas has become a hot spot for big finance as Wall Street’s largest banks, including Goldman Sachs, Wells Fargo, and Bank of America, are betting on the city’s growth. The rapid expansion has led to more finance workers in Dallas than cities like Chicago and Los Angeles. Despite lower average salaries compared to New York, the influx of wealth and people moving from the coasts to Dallas has created a virtuous cycle of job creation in other industries like construction and restaurants. However, there are concerns that Texas’ politics, including laws around climate change and gun regulations, may slow the industry boom. Still, there are no signs of a slowdown as more financial firms, including Atalaya Capital Management, are opening offices in Dallas. With the growth, more executive and investment banking positions are expected to be located in Texas. The region is attracting more talent in engineering and technology workers, which has led to back-office operations for finance executives. Dallas-based Texas Capital Bank has been expanding its business lines by adding an investment banking division and launching an exchange-traded fund focused on Texas. JPMorgan and other banks are increasing their presence in Dallas, leading to more CEOs running businesses with employees around the world from the Dallas area.



Read more: Why Wall Street titans like Bank of America, JP Morgan, love Dallas