Goldman Sachs Group Inc. is inhabiting a mixed-use development in downtown Dallas as a location for up to 6,000 workers, according to The Dallas Morning News.
Dallas already has the company’s third-largest office, with the hub in Salt Lake City, Utah, currently in second place. The Dallas office has been located at the Trammell Crow Center since 2018. This location has over 1,000 employees. Another 600 workers are at its Richardson office, which focuses on consumer banking.
Goldman Sachs is planning to build a new campus in the Dallas-Fort Worth metroplex, but it also intends to add hundreds of additional workers to its current offices.
“Our vision for this is that in the same way that we have developed a really good talent base in places like London and Hong Kong and New York, where people come to Goldman Sachs in order to work in finance and investment banking, I think there will be people who come to Dallas who want to work in fintech and want to do that at Goldman Sachs,” said Stephanie Cohen who moved to Dallas in August to oversee Goldman’s growth.
Globally, the investment firm has increased its workforce by 20%, to over 40,000 people.
While this has been an ongoing process, the pandemic has caused it to accelerate. The emergence of remote work as a viable alternative for professionals has emboldened management to consider off-site workers.
Other strategic locations for the company include not just Salt Lake City but also international offices in Bengaluru, Warsaw, and Singapore. The other American location that has been mentioned is in West Palm Beach, Florida.
A lower cost to do business is one significant advantage that both Texas and Florida have over states like New York. Neither state has an income tax, making them more attractive to workers. From a corporate viewpoint, building or renting office space in Dallas is attractive because of the low-cost business advantage.
Another alluring feature of the Dallas-Fort Worth area is that it is less densely populated than New York City. For the same amount as a small apartment in Manhattan, someone can get a good-sized house in Dallas. This appeals to those with families, allowing Texas to draw talent that might otherwise be less interested in moving.