finance.yahoo.com
Open in
urlscan Pro
2406:2000:e4:1604::1001
Public Scan
Submitted URL: https://curatia.com/r?z=k&x=x&d=xmxbfm&g=x&b=fevk&c=x&o=k
Effective URL: https://finance.yahoo.com/news/how-texas-came-to-rival-new-york-as-a-finance-hub-145712336.html?src=rss&ncid=twitter_yfsoc...
Submission: On February 27 via manual from SG — Scanned from SG
Effective URL: https://finance.yahoo.com/news/how-texas-came-to-rival-new-york-as-a-finance-hub-145712336.html?src=rss&ncid=twitter_yfsoc...
Submission: On February 27 via manual from SG — Scanned from SG
Form analysis 2 forms found in the DOM
/quote/
<form action="/quote/" class="finsrch-enable-perf Whs(nw) W(100%) Miw(350px) Pos(r)" data-finsrch="researchReports" fininit=""><input type="text" aria-autocomplete="list" autocapitalize="off" autocomplete="off"
placeholder="Search for news, symbols or companies" class="finsrch-inpt H(35px) W($searchWidth)!--maw1220 W(100%) Py(0) Px(10px) D(ib) O(n) M(0) Fz(15px) Bdrs(0) Bgc(t) Bd Bdc(#ccc)" style="display: inline-block;" aria-activedescendant=""
data-rapid_p="13" data-v9y="1"><button class="modules-module_clearBtn__j-YqI rapid-noclick-resp modules-module_noDisplay__0NU79" type="button" title="Clear" data-rapid_p="14" data-v9y="0"><svg viewBox="0 0 48 48"
class="modules-module_cancelIcon__vu0wg" height="16" width="16" style="stroke-width: 0;">
<path
d="M37.98 34.827l-9.9-9.9 9.9-9.898c.78-.782.78-2.05 0-2.83-.78-.78-2.047-.78-2.828 0l-9.9 9.9-9.898-9.9c-.78-.78-2.048-.78-2.828 0-.78.78-.78 2.047 0 2.828l9.9 9.9-9.9 9.898c-.78.78-.78 2.047 0 2.828.78.78 2.047.78 2.828 0l9.9-9.9 9.898 9.9c.78.78 2.048.78 2.828 0 .782-.78.782-2.047 0-2.827z">
</path>
</svg></button><button aria-label="Search for news, symbols or companies" class="finsrch-btn Bgc($c-fuji-blue-1-b) C(white) H(35px) Bd(n) Bdrs(3px) Pos(r) Cur(p) Fw(500) Va(m) Bxz(bb) W(68px) Mstart(-2px)" data-rapid_p="15" data-v9y="1"><svg
class="Cur(p)" width="24" style="fill:white;stroke:white;stroke-width:0;vertical-align:bottom" height="24" viewBox="0 0 24 24" data-icon="search">
<path
d="M9 3C5.686 3 3 5.686 3 9c0 3.313 2.686 6 6 6s6-2.687 6-6c0-3.314-2.686-6-6-6m13.713 19.713c-.387.388-1.016.388-1.404 0l-7.404-7.404C12.55 16.364 10.85 17 9 17c-4.418 0-8-3.582-8-8 0-4.42 3.582-8 8-8s8 3.58 8 8c0 1.85-.634 3.55-1.69 4.905l7.403 7.404c.39.386.39 1.015 0 1.403">
</path>
</svg></button>
<div srchresult="true" class="modules-module_noDisplay__0NU79">
<div class="modules-module_suggestionList__5POJf" style="top: 35px;">
<div class="modules-module_resultsContainer__zkHJ-" data-id="search-assist-input-sugglst"></div>
<footer data-id="search-assist-footer" class="modules-module_noDisplay__0NU79">
<p class="modules-module_tipMessage__ZQFev">Tip: Try a valid symbol or a specific company name for relevant results</p>
</footer>
</div>
<div class="modules-module_suggestionList__5POJf" data-id="search-assist-input-recomlst" style="top: 35px;">
<div class="modules-module_sectionHeader__ywcdp ">
<h3 class="modules-module_sectionHeaderTitle__iSCt2">Trending Tickers</h3>
</div>
<ul role="listbox" class="modules-module_list__hi5kT">
<li role="option" title="VKTX" tabindex="0" data-type="recommend" data-id="result-recommend-0" data-test="srch-trd-sym" data-index="0" data-pindex="0" class="modules-module_linkItem__r-Zwd modules-module_selectedBackground__6dnU7">
<div class="modules-module_recLeftCol__ZcNqN modules-module_IbBox__NPYId"><svg viewBox="0 0 48 48" class="modules-module_recIcon__Q6EVt" height="16" width="16" style="stroke-width: 0;">
<path
d="M5.793 37.242l10.46-13.865c.703-.934.515-2.26-.422-2.963-.936-.702-2.267-.514-2.97.42L2.4 34.7c-.705.933-.516 2.26.42 2.962.938.702 2.268.514 2.973-.42zm21.073 0l16.827-22.33c.704-.934.515-2.26-.423-2.962-.937-.702-2.268-.513-2.972.42L23.47 34.7c-.703.934-.514 2.26.424 2.962.937.702 2.268.513 2.972-.42zm0-2.543l-10.46-13.867c-.704-.933-2.035-1.12-2.972-.42-.937.703-1.126 2.03-.42 2.963L23.47 37.242c.704.934 2.035 1.122 2.972.42.937-.703 1.126-2.03.42-2.963zm10.82-18.9l3.503 2.393.615 3.876c.094.608.44 1.114.913 1.433.427.287.957.42 1.507.338 1.16-.177 1.955-1.257 1.776-2.41L44.23 9.913 32.857 12.59c-1.14.27-1.846 1.41-1.577 2.547.268 1.135 1.41 1.84 2.553 1.572l3.854-.91z">
</path>
</svg></div>
<div class="modules-module_recRightCol__n-mgH modules-module_Ell__N1WPm modules-module_IbBox__NPYId">VKTX</div>
</li>
<li role="option" title="NFLX" tabindex="0" data-type="recommend" data-id="result-recommend-1" data-test="srch-trd-sym" data-index="1" data-pindex="1" class="modules-module_linkItem__r-Zwd ">
<div class="modules-module_recLeftCol__ZcNqN modules-module_IbBox__NPYId"><svg viewBox="0 0 48 48" class="modules-module_recIcon__Q6EVt" height="16" width="16" style="stroke-width: 0;">
<path
d="M5.793 37.242l10.46-13.865c.703-.934.515-2.26-.422-2.963-.936-.702-2.267-.514-2.97.42L2.4 34.7c-.705.933-.516 2.26.42 2.962.938.702 2.268.514 2.973-.42zm21.073 0l16.827-22.33c.704-.934.515-2.26-.423-2.962-.937-.702-2.268-.513-2.972.42L23.47 34.7c-.703.934-.514 2.26.424 2.962.937.702 2.268.513 2.972-.42zm0-2.543l-10.46-13.867c-.704-.933-2.035-1.12-2.972-.42-.937.703-1.126 2.03-.42 2.963L23.47 37.242c.704.934 2.035 1.122 2.972.42.937-.703 1.126-2.03.42-2.963zm10.82-18.9l3.503 2.393.615 3.876c.094.608.44 1.114.913 1.433.427.287.957.42 1.507.338 1.16-.177 1.955-1.257 1.776-2.41L44.23 9.913 32.857 12.59c-1.14.27-1.846 1.41-1.577 2.547.268 1.135 1.41 1.84 2.553 1.572l3.854-.91z">
</path>
</svg></div>
<div class="modules-module_recRightCol__n-mgH modules-module_Ell__N1WPm modules-module_IbBox__NPYId">NFLX</div>
</li>
<li role="option" title="JANX" tabindex="0" data-type="recommend" data-id="result-recommend-2" data-test="srch-trd-sym" data-index="2" data-pindex="2" class="modules-module_linkItem__r-Zwd ">
<div class="modules-module_recLeftCol__ZcNqN modules-module_IbBox__NPYId"><svg viewBox="0 0 48 48" class="modules-module_recIcon__Q6EVt" height="16" width="16" style="stroke-width: 0;">
<path
d="M5.793 37.242l10.46-13.865c.703-.934.515-2.26-.422-2.963-.936-.702-2.267-.514-2.97.42L2.4 34.7c-.705.933-.516 2.26.42 2.962.938.702 2.268.514 2.973-.42zm21.073 0l16.827-22.33c.704-.934.515-2.26-.423-2.962-.937-.702-2.268-.513-2.972.42L23.47 34.7c-.703.934-.514 2.26.424 2.962.937.702 2.268.513 2.972-.42zm0-2.543l-10.46-13.867c-.704-.933-2.035-1.12-2.972-.42-.937.703-1.126 2.03-.42 2.963L23.47 37.242c.704.934 2.035 1.122 2.972.42.937-.703 1.126-2.03.42-2.963zm10.82-18.9l3.503 2.393.615 3.876c.094.608.44 1.114.913 1.433.427.287.957.42 1.507.338 1.16-.177 1.955-1.257 1.776-2.41L44.23 9.913 32.857 12.59c-1.14.27-1.846 1.41-1.577 2.547.268 1.135 1.41 1.84 2.553 1.572l3.854-.91z">
</path>
</svg></div>
<div class="modules-module_recRightCol__n-mgH modules-module_Ell__N1WPm modules-module_IbBox__NPYId">JANX</div>
</li>
<li role="option" title="AAPL" tabindex="0" data-type="recommend" data-id="result-recommend-3" data-test="srch-trd-sym" data-index="3" data-pindex="3" class="modules-module_linkItem__r-Zwd ">
<div class="modules-module_recLeftCol__ZcNqN modules-module_IbBox__NPYId"><svg viewBox="0 0 48 48" class="modules-module_recIcon__Q6EVt" height="16" width="16" style="stroke-width: 0;">
<path
d="M5.793 37.242l10.46-13.865c.703-.934.515-2.26-.422-2.963-.936-.702-2.267-.514-2.97.42L2.4 34.7c-.705.933-.516 2.26.42 2.962.938.702 2.268.514 2.973-.42zm21.073 0l16.827-22.33c.704-.934.515-2.26-.423-2.962-.937-.702-2.268-.513-2.972.42L23.47 34.7c-.703.934-.514 2.26.424 2.962.937.702 2.268.513 2.972-.42zm0-2.543l-10.46-13.867c-.704-.933-2.035-1.12-2.972-.42-.937.703-1.126 2.03-.42 2.963L23.47 37.242c.704.934 2.035 1.122 2.972.42.937-.703 1.126-2.03.42-2.963zm10.82-18.9l3.503 2.393.615 3.876c.094.608.44 1.114.913 1.433.427.287.957.42 1.507.338 1.16-.177 1.955-1.257 1.776-2.41L44.23 9.913 32.857 12.59c-1.14.27-1.846 1.41-1.577 2.547.268 1.135 1.41 1.84 2.553 1.572l3.854-.91z">
</path>
</svg></div>
<div class="modules-module_recRightCol__n-mgH modules-module_Ell__N1WPm modules-module_IbBox__NPYId">AAPL</div>
</li>
<li role="option" title="CVNA" tabindex="0" data-type="recommend" data-id="result-recommend-4" data-test="srch-trd-sym" data-index="4" data-pindex="4" class="modules-module_linkItem__r-Zwd ">
<div class="modules-module_recLeftCol__ZcNqN modules-module_IbBox__NPYId"><svg viewBox="0 0 48 48" class="modules-module_recIcon__Q6EVt" height="16" width="16" style="stroke-width: 0;">
<path
d="M5.793 37.242l10.46-13.865c.703-.934.515-2.26-.422-2.963-.936-.702-2.267-.514-2.97.42L2.4 34.7c-.705.933-.516 2.26.42 2.962.938.702 2.268.514 2.973-.42zm21.073 0l16.827-22.33c.704-.934.515-2.26-.423-2.962-.937-.702-2.268-.513-2.972.42L23.47 34.7c-.703.934-.514 2.26.424 2.962.937.702 2.268.513 2.972-.42zm0-2.543l-10.46-13.867c-.704-.933-2.035-1.12-2.972-.42-.937.703-1.126 2.03-.42 2.963L23.47 37.242c.704.934 2.035 1.122 2.972.42.937-.703 1.126-2.03.42-2.963zm10.82-18.9l3.503 2.393.615 3.876c.094.608.44 1.114.913 1.433.427.287.957.42 1.507.338 1.16-.177 1.955-1.257 1.776-2.41L44.23 9.913 32.857 12.59c-1.14.27-1.846 1.41-1.577 2.547.268 1.135 1.41 1.84 2.553 1.572l3.854-.91z">
</path>
</svg></div>
<div class="modules-module_recRightCol__n-mgH modules-module_Ell__N1WPm modules-module_IbBox__NPYId">CVNA</div>
</li>
</ul>
</div>
</div>
</form><form data-finsrch="quote" class="Pos(r)" fininit=""><input type="text" aria-autocomplete="both" autocapitalize="off" autocomplete="false" autocorrect="false"
class="D(ib) Pstart(10px) Bxz(bb) Bgc($lv3BgColor) W(100%) H(32px) Lh(32px) Bdrs(0) Bxsh(n) Fz(s) Bg(n) Bd O(n):f O(n):h Bdc($seperatorColor) Bdc($linkColor):f finsrch-inpt" placeholder="Quote Lookup" style="display: inline-block;"
data-rapid_p="58" data-v9y="1"><button class="modules-module_clearBtn__j-YqI rapid-noclick-resp modules-module_noDisplay__0NU79" type="button" title="Clear" data-rapid_p="59" data-v9y="0"><svg viewBox="0 0 48 48"
class="modules-module_cancelIcon__vu0wg" height="16" width="16" style="stroke-width: 0;">
<path
d="M24 1C11.3 1 1 11.3 1 24s10.3 23 23 23 23-10.3 23-23S36.7 1 24 1zm9.8 32.8c-.9.9-2.2.9-3.1 0L24 27l-6.8 6.8c-.9.9-2.2.9-3.1 0s-.9-2.2 0-3.1l6.8-6.8-6.7-6.7c-.9-.9-.9-2.2 0-3.1.9-.9 2.2-.9 3.1 0l6.7 6.7 6.7-6.7c.9-.9 2.2-.9 3.1 0 .9.9.9 2.2 0 3.1l-6.7 6.7 6.7 6.8c.9.9.9 2.3 0 3.1z">
</path>
</svg></button><button class="End(1px) H(32px) Lh(n) Va(m) Pos(a) Bdrs(2px) Px(10px) Bd Bgc($linkColor) Bgc($linkActiveColor):h Bdc($linkColor) finsrch-btn" aria-label="Search" type="submit" data-rapid_p="60" data-v9y="1"><svg
class="Fill(white) Stk(white) Va(m)! Cur(p)" width="20" style="fill:white;stroke:white;stroke-width:0;vertical-align:bottom" height="20" viewBox="0 0 24 24" data-icon="search">
<path
d="M9 3C5.686 3 3 5.686 3 9c0 3.313 2.686 6 6 6s6-2.687 6-6c0-3.314-2.686-6-6-6m13.713 19.713c-.387.388-1.016.388-1.404 0l-7.404-7.404C12.55 16.364 10.85 17 9 17c-4.418 0-8-3.582-8-8 0-4.42 3.582-8 8-8s8 3.58 8 8c0 1.85-.634 3.55-1.69 4.905l7.403 7.404c.39.386.39 1.015 0 1.403">
</path>
</svg></button>
<div class="W(100%) Bxz(bb) finsrch-rslt finsrch-show-ftr modules-module_noDisplay__0NU79">
<div class="modules-module_suggestionList__5POJf" style="top: 32px;">
<div class="modules-module_resultsContainer__zkHJ-" data-id="search-assist-input-sugglst"></div>
<footer data-id="search-assist-footer" class="modules-module_noDisplay__0NU79">
<p class="modules-module_tipMessage__ZQFev">Tip: Try a valid symbol or a specific company name for relevant results</p>
</footer>
</div>
</div>
</form>Text Content
* HOME
* MAIL
* NEWS
* FINANCE
* SPORTS
* ENTERTAINMENT
* LIFE
* SEARCH
* SHOPPING
* YAHOO PLUS
* MORE...
*
*
Yahoo Finance
Tip: Try a valid symbol or a specific company name for relevant results
TRENDING TICKERS
* VKTX
* NFLX
* JANX
* AAPL
* CVNA
Sign in
NOTIFICATIONS
TODAY
* News • 54 minutes ago
Barclays believes the S&P 500 could hit 6,000 soon — and it's not alone
* News • 4 hours ago
A top consumer confidence index saw its first dip since November amid
'persistent uncertainty' about the economy
* Breaking News • 6 hours ago
US stocks muted as Wall Street watches and waits
* News • 8 hours ago
Lawmakers hope to avoid a March 1 shutdown. But an April 30 deadline may be
more critical.
* Morning Brief • 9 hours ago
A strong economy isn't a risk to the Fed's rate cut plans
* News • 20 hours ago
Biden’s election odds are finally improving, our columnist writes. Here's
why.
* News • 22 hours ago
The US currently produces 0% of the world's high-end chips. The White House
plans to spend billions to change that.
* Breaking News • 23 hours ago
Stocks edge lower, hitting pause on record-setting rally
* News • yesterday
The latest sign big companies like Meta and Disney are feeling better about
the trajectory of the economy
* Breaking News • yesterday
The US and eight states are suing to block supermarket chain Kroger's $24.6
billion deal to buy smaller rival Albertsons
* News • yesterday
The Dow's shakeup this week helps illustrate why it is no longer the market's
benchmark
* Breaking News • yesterday
Stocks open little changed after record-setting week
* News • yesterday
Warren Buffett-led Berkshire Hathaway closes in on $1 trillion valuation
after record annual profit
* News • 2 days ago
Here’s what Walmart’s 3-for-1 stock split means for investors
* News • 2 days ago
Wall Street is paring its bets on ESG and DEI as political pressure rises.
* News • 2 days ago
The Federal Reserve's preferred inflation gauge will test stocks' record
highs.
* News • 2 days ago
Are we seeing an Nvidia-led tech bubble?
* News • 3 days ago
How to figure out whether you qualify for student loan forgiveness
* News • 3 days ago
Here's a state-by-state map of the $1.2 billion discharged under SAVE.
* News • 3 days ago
Viral TikTok posts are telling Americans to stop paying taxes by illegally
exempting themselves from tax withholdings.
* News • 3 days ago
Buffett wrote that the late Charlie Munger was the 'architect' of the modern
Berkshire Hathaway.
* News • 3 days ago
Q4 operating profit rose 28% to $8.48 billion, and net income for the quarter
more than doubled to $37.57 billion.
* News • 3 days ago
Older homeowners find fewer reasons to sell, leaving little inventory for
first-time buyers.
* News • 4 days ago
Strong earnings have propelled stocks to record highs. But the Fed could soon
be back in the driver's seat.
OLDER
* News • Feb 23, 2024
The stock market is booming, and President Biden has started to brag. Expect
him to get bolder, our columnist writes.
* Breaking News • Feb 23, 2024
S&P 500, Dow hit fresh records as Wall Street ends Nvidia-fueled rally week
* News • Feb 23, 2024
Wall Street is starting to listen to the Fed on rate cuts
* News • Feb 23, 2024
Nvidia reaches $2 trillion in market value as AI frenzy grips Wall Street
* Breaking News • Feb 23, 2024
Stocks open higher after breakout rally
* Morning Brief • Feb 23, 2024
Walmart's latest fight with Amazon is digital advertising
* News • Feb 23, 2024
What Walmart's coming 3-for-1 stock split means for investors — and for
Walmart's stock
* News • Feb 22, 2024
The AI trade is back in full force after Nvidia's earnings blockbuster
* Breaking News • Feb 22, 2024
Nvidia's blockbuster earnings power market rally as S&P hits new record,
Nasdaq surges 3%
* News • Feb 22, 2024
Mortgage rates climbed further above 7% this week, further complicating the
housing market.
* Breaking News • Feb 22, 2024
Nvidia's earnings have launched a broad rally, with the Nasdaq up over 2.5%
and the S&P 500 eyeing a record close.
* News • Feb 22, 2024
Surging price targets from Wall Street followed Nvidia's latest blowout
earnings. 'Nvidia delivered,' one analyst said.
* Breaking News • Feb 22, 2024
Nvidia's earnings blowout ignites market rally as Nasdaq jumps almost 2% at
open
* News • Feb 22, 2024
Nvidia's eye-watering earnings report shows just how far the business has
come in just over a year
* News • Feb 22, 2024
Big banks needed M&A to roar back in 2024. It’s happening.
* News • Feb 22, 2024
One type of consumer is most inclined to use buy now, pay later services.
Here's why.
* News • Feb 21, 2024
Media giants are now considering teaming up instead of competing for
subscribers. Here's why.
* Breaking News • Feb 21, 2024
The chip giant beat expectations on the top and bottom lines even as China
sales slow. See the details.
* Breaking News • Feb 21, 2024
Late-session rally carries S&P 500 into green ahead of Nvidia earnings
* News • Feb 21, 2024
Most Fed officials cautioned against cutting rates too quickly at their last
policy meeting, minutes showed
* News • Feb 21, 2024
The Biden administration is wiping out another $1.2 billion in student loan
debt. Here's a look at who could benefit.
* Breaking News • Feb 21, 2024
Stocks slip at open in countdown to Nvidia earnings
* Morning Brief • Feb 21, 2024
A 'perfect environment' for dealmakers
* News • Feb 21, 2024
The chip giant is set to report earnings on Wednesday, and expectations are
sky high. Here's what to expect.
* News • Feb 20, 2024
The former president's recent $355 million loss in court extends a remarkable
losing streak, our columnist writes
* Breaking News • Feb 20, 2024
Tech stocks lead market slide with Nvidia earnings on deck
View all notifications
Mail
Sign in to view your mail
* Finance
* Watchlists
* My Portfolio
* Markets
* YF Chartbook
* Calendars
* Trending Tickers
* Stocks: Most Actives
* Stocks: Gainers
* Stocks: Losers
* Top ETFs
* Futures
* World Indices
* Currencies
* Top Mutual Funds
* Options: Highest Open Interest
* Options: Highest Implied Volatility
* US Treasury Bonds Rates
* Currency Converter
* News
* Latest News
* From the Newsroom
* Stock Market News
* Earnings
* Politics
* Economic News
* Morning Brief
* Personal Finance News
* Crypto News
* Bidenomics Report Card
* Videos
* Yahoo Finance Invest
* Yahoo Finance Live
* ETF Report
* Options 101
* Good Buy or Goodbye
* FA Corner
* Yahoo Finance Plus
* Dashboard
* Research Reports
* Investment Ideas
* Community Insights
* Webinars
* Blog
* Screeners
* Saved Screeners
* Equity Screener
* Mutual Fund Screener
* ETF Screener
* Futures Screener
* Index Screener
* Analyst Rating Screener
* Technical Events Screener
* Smart Money Screener
* Top Holdings Screener
* Personal Finance
* Credit Cards
* Banking
* Personal loans
* Student loans
* Car insurance
* Home Buying
* Taxes
* Crypto
* Sectors
* Basic Materials
* Communication Services
* Consumer Cyclical
* Consumer Defensive
* Energy
* Financial Services
* Healthcare
* Industrials
* Real Estate
* Technology
* Utilities
* Contact Us
…
* Contact Us
U.S. markets close in 27 minutes
* S&P 500
5,074.85
+5.32 (+0.10%)
* DOW 30
38,973.88
-95.35 (-0.24%)
* NASDAQ
16,027.86
+51.61 (+0.32%)
* RUSSELL 2000
2,054.30
+25.34 (+1.25%)
* CRUDE OIL
78.64
+1.06 (+1.37%)
* GOLD
2,039.10
+0.20 (+0.01%)
* SILVER
22.48
-0.05 (-0.23%)
* EUR/USD
1.0848
-0.0005 (-0.04%)
* 10-YR BOND
4.3150
+0.0160 (+0.37%)
* GBP/USD
1.2683
-0.0004 (-0.03%)
* USD/JPY
150.4910
-0.1610 (-0.11%)
* BITCOIN USD
57,191.42
+2,848.87 (+5.24%)
* CMC CRYPTO 200
885.54
0.00 (0.00%)
* FTSE 100
7,683.02
-1.28 (-0.02%)
* NIKKEI 225
39,239.52
+5.81 (+0.01%)
Yahoo Finance
HOW TEXAS CAME TO RIVAL NEW YORK AS A FINANCE HUB
Read full article
707
* Oops!
Something went wrong.
Please try again later.
More content below
* Oops!
Something went wrong.
Please try again later.
More content below
* Oops!
Something went wrong.
Please try again later.
More content below
* Oops!
Something went wrong.
Please try again later.
More content below
* Oops!
Something went wrong.
Please try again later.
More content below
* Oops!
Something went wrong.
Please try again later.
More content below
* USB
+1.02%
* BAC
+2.01%
* WFC
+1.19%
* C
+0.63%
* SCHW
+0.99%
* JPM
-0.08%
* +2
David Hollerith
·Senior Reporter
February 18, 2024·6 min read
In this article:
* Oops!
Something went wrong.
Please try again later.
More content below
* Oops!
Something went wrong.
Please try again later.
More content below
* Oops!
Something went wrong.
Please try again later.
More content below
* Oops!
Something went wrong.
Please try again later.
More content below
* Oops!
Something went wrong.
Please try again later.
More content below
* Oops!
Something went wrong.
Please try again later.
More content below
* USB
+1.02%
Added to watchlist
You will now see more USB news and updates on Yahoo
* BAC
+2.01%
Added to watchlist
You will now see more BAC news and updates on Yahoo
* WFC
+1.19%
Added to watchlist
You will now see more WFC news and updates on Yahoo
* C
+0.63%
Added to watchlist
You will now see more C news and updates on Yahoo
* SCHW
+0.99%
Added to watchlist
You will now see more SCHW news and updates on Yahoo
* JPM
-0.08%
Added to watchlist
You will now see more JPM news and updates on Yahoo
Sign in to add to watchlist
Sign in
Sign in to add to watchlist
Sign in
Sign in to add to watchlist
Sign in
Sign in to add to watchlist
Sign in
Sign in to add to watchlist
Sign in
Sign in to add to watchlist
Sign in
JPMorgan Chase (JPM) is putting up a massive new headquarters in midtown
Manhattan. But New York is no longer the state where it employs the most people.
Texas is.
The country’s largest bank has 31,500 employees in the Lone Star State following
an expansion over the last decade highlighted by a four-building,
1-million-square-foot campus in Plano, a suburb of Dallas. That is 2,600 more
than it has in New York.
"This state has been booming," JPMorgan Chase CEO Jamie Dimon told Yahoo Finance
in November during a summit with local business owners in Frisco, Texas.
It’s not just JPMorgan. What’s happening at the nation’s largest lender is also
playing out across the wider world of banking.
Texas recently passed the state of New York in finance employment for the first
time ever in a 33-year period, according to an analysis by Yahoo Finance of
Bureau of Labor Statistics data from 1990 to 2023.
It happened in December, when Texas had 384,900 such workers. That was 100 more
than New York state.
The Comerica tower in Dallas is one symbol of how important finance now is to
the region. (James Leynse/Corbis via Getty Images) (James Leynse via Getty
Images)
This tally counts jobs directly tied to the banking industry — like analysts,
loan officers, and financial managers — and does not include the insurance and
real estate sectors.
The New York City metropolitan area, which includes parts of New Jersey, is
still No. 1 in finance workers when compared to other metro areas. But a
well-known Texas region — Dallas — has taken the No. 2 spot.
THE MOVE TO THE MIDDLE
The emergence of Texas as a banking center is many decades in the making. In
fact, New York state has been slowly losing its grip as the dominant place for
banking jobs since the years following the terrorist attacks of Sept. 11, 2001.
That’s when some of the biggest financial institutions began shifting parts of
their workforce elsewhere to save on costs and manage risks. California took
over the top spot between 2001 and 2006, but a housing meltdown and the 2008
financial crisis sent employment in that state and New York tumbling again.
Story continues
New York eventually regained its top spot and began adding more workers as the
wounds of 2008 healed.
But Texas accelerated at a much faster rate, with Dallas as a new hub for many
finance giants attracted by the state’s lack of an income tax, lower cost of
living, plentiful building sites, and easy transportation access.
View of the Dallas skyline. (VALERIE MACON / AFP) (VALERIE MACON via Getty
Images)
One attraction is that financial giants can save money by moving more employees
to Texas. The pay discount for financial workers in Dallas is 10% to 15% when
compared with New York, though this discount narrows for more senior positions,
according to Chris Connors, a principal with Johnson Associates.
The cost savings are most pronounced in more junior, clerical, or back-office
jobs.
For these workers, though, the argument is their money will likely go a lot
further. The cost of living in Dallas is 55% lower than in Manhattan, according
to Bankrate. Again, the more senior a position, the more the cost of living
difference narrows.
"You can't make as much as in New York City but the discount is not nearly as
punitive as the cost of living for more junior, clerical jobs," Connors added.
FROM BUST TO BOOM
The state has been through banking booms before, as well as busts.
Local lenders thrived alongside the oil and gas industry in the 1970s and early
1980s, but Texas then became one of the hardest-hit areas in the country during
the savings and loan crisis that lasted into the 1990s.
Texas lost 425 banks between 1980 and 1989, according to an FDIC history of that
period, including nine of the state’s 10 largest bank holding companies.
Now many of the biggest banks in the US are rushing to install new campuses or
headquarters, especially in the Dallas area. Goldman Sachs (GS) plans to
complete a new office campus north of downtown Dallas by the end of 2027 and
expects to add 1,000 more employees to the 4,000 it already has in the area.
A long-shuttered shop that once serviced pump jacks in Penwell, Texas is a
symbol of the boom-and-bust oil cycle that Texans have lived with for
generations. (Michael S. Williamson/the Washington Post via Getty Images) (The
Washington Post via Getty Images)
"Dallas has this confident, frontier spirit — bold innovation, can-do attitude —
I think that really aligns with what Goldman Sachs defines in our own culture
and what we’re looking to build in the region," said Vicki Tung, Goldman’s
global head of recruiting, who is based in New York but is originally from
Dallas.
Not that far from Goldman’s campus, Bank of America is the anchor tenant of a
new 30-story, $500 million high rise in Dallas’s Uptown district expected to be
finished in 2027. Wells Fargo (WFC) is expanding its office campus in Irving
with a two-tower, 850,000-square-foot space set to be finished in 2025.
Lots of money managers are setting up shop, as well. That includes Charles
Schwab (SCHW), which moved its headquarters from San Francisco to West Lake,
Texas, in 2021. It currently has 10,000 employees, or 30% of its workforce, in
the state.
'DON'T BECOME LIKE D.C.'
Operating in Texas is not without its challenges for some financial giants.
There are government efforts at the state level to restrict the ability of
certain banks to participate in muni bond offerings if they don’t comply with
local preferences.
The office of the state's attorney general, Ken Paxton, is currently reviewing
anti-firearm policies of JPMorgan and Bank of America as well as environmental,
social, and governance policies of other banks.
The state has a law in place barring certain government contracts with companies
that have anti-gun business practices.
Texas Attorney General Ken Paxton. (Sarah Silbiger for the Washington Post via
Getty Images) (The Washington Post via Getty Images)
Last year, in fact, Paxton’s office determined that Citigroup (C) had "a policy
that discriminates against a firearm entity or firearm trade association."
The response followed a decision made by Citigroup to restrict its banking
services to gun retailers that sold firearms to people under 21, which came as a
response to the 2018 Parkland shooting in a Miami suburb.
The CEO of the largest US bank, JPMorgan’s Dimon, said he likes what's happening
in Texas. The state "is conducive to business" and "they’re making it good to
come here," citing the roughly 10,000 people the bank has in Plano alone.
Jamie Dimon, chairman and CEO of JPMorgan Chase, speaks last November during the
ceremony for placement of the final beam for JPMorgan Chase's new global
headquarters building on Park Avenue in New York City. (Brendan
McDermid/REUTERS) (REUTERS / Reuters)
But he also offered a warning. "I'm begging Texas, don't become like D.C.," he
added, referring to the US capital.
"D.C. goes out of its way to make it hard for small to large businesses to grow
and expand."
David Hollerith is a senior reporter for Yahoo Finance covering banking, crypto,
and other areas in finance.
Click here for in-depth analysis of the latest stock market news and events
moving stock prices.
Read the latest financial and business news from Yahoo Finance
Tip: Try a valid symbol or a specific company name for relevant results
Related Quotes
SymbolLast PriceChange% ChangeBAC
Bank of America Corporation
34.28+0.67+2.01%C
Citigroup Inc.
55.71+0.35+0.63%JPM
JPMorgan Chase & Co.
183.22-0.14-0.08%SCHW
The Charles Schwab Corporation
65.04+0.64+0.99%WFC
Wells Fargo & Company
54.78+0.65+1.19%
TRENDING
* 1.
HOUSE SPEAKER JOHNSON 'VERY OPTIMISTIC' A GOVERNMENT SHUTDOWN CAN BE AVOIDED
* 2.
US CHIPMAKERS SHOULD DO MORE TO KEEP CHIPS OUT OF RUSSIAN WEAPONS, SENATOR
SAYS
* 3.
CHATBOTS' INACCURATE, MISLEADING RESPONSES ABOUT U.S. ELECTIONS THREATEN TO
KEEP VOTERS FROM POLLS
* 4.
GRAYSCALE’S BITCOIN ETF EXODUS REACHES $7.4 BILLION IN FIRST 30 TRADING DAYS
* 5.
EPA AWARDS ANOTHER $1 BILLION TO CLEAN UP TOXIC WASTE IN THIRD CASH INFUSION
FOR SUPERFUND PROGRAM
Display Advertisement