From Quiver Quantitative:

In a developing financial trends news report by David Love, Dallas has emerged as a significant financial hub in 2023. The city is now surpassing Chicago and Los Angeles in the number of finance workers, coming in second only to New York. This growth can be credited to the investment from Wall Street banks like Goldman Sachs and various asset managers. However, salaries for finance workers in Dallas are notably lower than those in New York, reflecting both the cost of living and available job types, which are primarily in back-office operations.

The influx of finance jobs in Dallas is due to the investment from major banks and the relocation of asset managers. While salaries in Dallas are lower than in New York, the city has a growing talent pool and the appeal of no state income tax. There are looming potential challenges for the financial boom in Texas, particularly concerning laws about the climate change stance of financial companies and gunmaker discrimination. Despite this, the region is becoming a significant center for finance, with an expected rise in executive and investment banking positions.



Read more: Dallas’s Rise in the Financial Sector