fbpx

Goldman Sachs Doubles Down on Dallas

Business

Goldman Sachs announces a major office to be located in Dallas. | Photo credit to Dallas Business Journal.

The second-largest bank in the country is bullish on Dallas. Now, Goldman Sachs is betting big on Dallas with the announcement of a massive new office, expanding its presence in the city.

The 900,000-square-foot, $500 million project is the largest in Dallas in decades. While Goldman Sachs maintains offices in Atlanta, Salt Lake City, Chicago, and other locations, the Dallas expansion will further cement the city as one of the bank’s most critical bases of operations.

Speaking to members of the Dallas Citizens Council on December 5, Goldman Sachs CEO David Solomon said, “Dallas has become our second most significant hub.”

The investment bank is already familiar with the city, employing over 4,000 people in Dallas. The new campus, however, will allow Goldman to further tap into the talent network that exists in DFW.

“Obviously all of us at Goldman Sachs are very excited about what we have going on in Dallas and what the future holds for us in this great city,” Solomon told the council.

Roughly 10,000, or about 38%, of Goldman Sachs’ 26,000 employees work out of the bank’s New York City head office. New York, however, like California, is experiencing an exodus of young people.

In particular, Dallas has become a popular destination for motivated young Americans, the exact demographic Goldman Sachs wants.

In fact, half of Goldman Sachs’ current workforce is in their twenties according to the CEO. As a result, Dallas is an ideal location for the investment bank’s expansion.

“One of the things that makes Texas so incredible is you have an incredible secondary education system here, both public and private,” says Solomon. “It creates an enormous pipeline of talented young individuals. People come down here to go to school, and they actually want to stay,” he said.

Currently, Dallas-based employees of the bank operate out of the Trammell Crow Center skyscraper in downtown Dallas and the Galatyn Commons office campus in Richardson.

“It’s primarily about organic growth” and “hiring young people,” stressed Solomon. “It’s about hiring engineers here—about hiring all sorts of people across all of our businesses,” he said.

Solomon is encouraged by the warm Dallas welcome he has received so far. Support from the local business community has given the bank “confidence” in investing in the city, said the CEO.

As part of the incentive to expand operations in Dallas, the city provided the firm with $18 million in economic incentives.

The new skyscraper will replace an apartment community by Dallas Hunt Realty on Field Street, north of Woodall Rogers Freeway.

The investment bank’s announcement contrasts other firms that have reduced metro area footprints over the course of the pandemic. Costly underused office real estate was dropped as workers increasingly operated from home.

Goldman Sachs, however, is an old-school institution and prefers to avoid remote collaboration.

Solomon does not “believe that people should be working for Goldman Sachs and living in Jackson Hole.”

“Our strategy has always been to find places where we can build the culture of the firm and bring people together,” said Solomon. “That’s why we continue to expand our footprint.”

If you enjoyed this article, please support us today!

Formed in 2021, we provide fact-based, non-partisan news. The Dallas Express is a non-profit organization funded by charitable support and advertising.

Please join us on the important journey to make Dallas a better place!

We welcome and appreciate comments on The Dallas Express as part of a healthy dialogue. We do ask that you be kind. Kind to each other and to everyone else in your comments. For more information, please refer to our Complete Comment Moderation Policy.

Subscribe to Comments
Notify of
guest

3 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Housing justice
Housing justice
1 month ago

No to Goldman Sachs take care of the folks facing eviction and foreclosures

Rodney Brown
Rodney Brown
1 month ago

The new “skyscraper” will only be 9-15 stories, not the 80 story building that was sold to the public and media.

Cody Farris
Cody Farris
Reply to  Rodney Brown
1 month ago

I was thinking the same thing. Originally, that location was to house 2 or 3 buildings, one of which was rumored to be 83 stories, the new ‘tallest building in Dallas’. I guess that’s not happening. Glad they are hiring, though.