Financiers are deserting Wall Street in search of asylum from socialist policies. Miami is a hot spot for Wall Street refugees, but another notable area has garnered attention that those in the industry are terming “Y’all Street.”
Dallas, Texas, has a rapidly expanding ecosystem of financial institutions, private equity firms, fintech companies, hedge funds, and major banks. Areas like Uptown, Downtown, and Victory Park have seen a massive migration of financial service professionals from New York and now host around 380,000 finance sector workers.
Goldman Sachs plans to open a $500 million, 800,000 square-foot location in 2028 and will need to hire or relocate 5,000 employees. Goldman has always operated in Texas, but this new facility will more than double the number of employees in the area. New York remains Goldman’s largest headquarters, but that may change in the coming years as the price of business is more than anyone is willing to pay.
JPMorgan Chase has recently erected a massive 60-story, $3 billion building on 270 Park Avenue, which hosts approximately 10,000 employees. JPMorgan has over 300,000 employees worldwide, 24,000 of whom reside in NYC. However, they have 18,000 people on the ground in the Dallas-Fort Worth area and plan to expand. “It shouldn’t have been that way, but Texas loves you being there,” CEO Jamie Dimon told Bloomberg in 2023.
Texas overall now contains more financial sector workers than New York, at 519,000 and 507,000, respectively. The Texas state constitution provides the financial sector with a major advantage. The state does not collect a personal income tax, whereas New York imposes fines of up to 10.9% on individuals and between 6.5% and 7.25% on corporations. Corporate and franchise taxes are lower in Texas as well, resulting in significantly lower operational costs.
The regulatory environment in Texas is pro-business: there are few state-level mandates. New York continues to add exchange-specific regulations in addition to federal mandates. As an example, New York began to require DEI diversity quotas on boards during the woke outbreak. The environment is ever-changing along the lines of shifting societal norms rather than cut and dry business.
The U.S. Securities and Exchange Commission (SEC) on September 30, 2025, authorized the Texas Stock Exchange (TXSE) to operate as a national securities exchange. BlackRock, Citadel, Charles Schwab, and other major institutions are behind the exchange startup that will launch early next year. The TXSE plans to focus on mid-and large-cap issuers through high listing standards and a single-tier exchange model. Those behind the exchange believe that it will help increase the number of IPOs by reducing the regulatory and financial burdens.
Wall Street’s heyday has come and gone. Those of us who had the chance to experience the floor of the NYSE understand the significance of this loss.
