Dallas:Wall Street of the South? (Houston, San Antonio: renting, insurance, houses)

[brock2010]

I saw this and thought it interesting. It's saying that Dallas is nowthe Wall Street of the South. Have any of you heard this before? Do you agree?

https://www.dallasnews.com/business/...outputType=amp

[widespreadfan]

I am not surprises at all by this. Dallas had always been the banking center of Texas. Possibly Atlanta and Charlotte are the only two other cities that could even come close to Dallas in the number of financial services jobs.

[ThomasCrown]

"Now" the Wall St of the South? It's been that way for decades. The only other southern city to have a Federal Reserve Bank is Atlanta.


Dallas has long been the financial hub for TX. Houston is oil, Austin is tech.

[SanJac]

Originally Posted by ThomasCrown

"Now" the Wall St of the South? It's been that way for decades. The only other southern city to have a Federal Reserve Bank is Atlanta.


Dallas has long been the financial hub for TX. Houston is oil, Austin is tech.

The premise of the claim:

"Since 2019, Dallas leads the nation in financial services job growth, adding 32,000 in the sector that includes banking, insurance, investment management and accounting. Dallas now trails only New York City in the overall number of financial services jobs."

“Firms will most likely always have their flagship locations in the Big Apple,” she said. “While Dallas has a strong and diversified economy, it does not have the same level of infrastructure and resources as New York City to support the growth of the financial services industry.”

Financial giants that have long been in Dallas — Bank of America, Wells Fargo and JPMorgan Chase — are accelerating their growth in the region. In October, Wells Fargo announced a new corporate campus in Irving to house more than 3,000 workers by 2025.

Goldman Sachs expects to have 5,000 workers in a new downtown Dallas office campus that’s expected to open in 2026.

At the start of 2021, Charles Schwab moved its headquarters to Westlake from San Francisco following its merger with TD Ameritrade. Another California-based financial services company, First Foundation, followed suit, relocating to Uptown Dallas’ The Crescent.

Also in 2021, Vanguard selected Plano for its fifth U.S. office, renting space in Liberty Mutual’s tower at Legacy West. It houses workers in Vanguard’s Personal Adviser Services division, which manages $231 billion in customer assets.

Boston-based Fidelity has about 9,000 workers in four offices in Dallas-Fort Worth, including a sprawling campus in Westlake.

Dallas must be the Financial Services capital of the South.

[brock2010]

Originally Posted by SanJac

The premise of the claim:



Dallas must be the Financial Services capital of the South.

I knew Dallas was an important financial center but didn't know it was so dominant.

[numbersguy100]

Dallas isn't the Wall Street of the South. a) it's not the South b) Houston has far more real banking and finance jobs than Dallas and c) a bunch of people making $70-100k pushing paper around the back office for Charles Schwab or Fidelity or even Goldman don't mean we are important. Dallas is definitely growing as far as high finance goes (which is what people mean when they talk about "Wall Street"), and it helps that we're stealing lots of important people from LA, along with a few from Chicago and NYC. But let's not all get ahead of ourselves here.

[ThomasCrown]

Originally Posted by numbersguy100

b) Houston has far more real banking and finance jobs than Dallas

Disagree. Houston has a lot of financial firms, but the total number of employees in a banking or finance field is certainly less than the DFW area.

[widespreadfan]

Originally Posted by numbersguy100

Dallas isn't the Wall Street of the South. a) it's not the South b) Houston has far more real banking and finance jobs than Dallas and c) a bunch of people making $70-100k pushing paper around the back office for Charles Schwab or Fidelity or even Goldman don't mean we are important. Dallas is definitely growing as far as high finance goes (which is what people mean when they talk about "Wall Street"), and it helps that we're stealing lots of important people from LA, along with a few from Chicago and NYC. But let's not all get ahead of ourselves here.

Houston is the leader of oil & gas related employment in Texas. Dallas has always been a far more important financial center than Houston. This goes back to 1914 when the Federal Reserve Bank was opened here. In fact Houston wasn't even in consideration, the bank almost went to New Orleans.

[oil capital]

Originally Posted by ThomasCrown

"Now" the Wall St of the South? It's been that way for decades. The only other southern city to have a Federal Reserve Bank is Atlanta.


Dallas has long been the financial hub for TX. Houston is oil, Austin is tech.

Hmmm... so Richmond is not a southern city?

[oil capital]

Originally Posted by widespreadfan

Houston is the leader of oil & gas related employment in Texas. Dallas has always been a far more important financial center than Houston. This goes back to 1914 when the Federal Reserve Bank was opened here. In fact Houston wasn't even in consideration, the bank almost went to New Orleans.

It is an overstatement to say Houston wasn't even in consideration. Not only was Houston in consideration, so were Fort Worth and Austin, and perhaps San Antonio.