These Wall Street Firms Are Fleeing NYC

As it stands now, nearly half of New York City’s jobs are financed by taxpayers. The city is already dangerously dependent on government spending. A hard-left administration would finish the job — strangling what’s left of the private economy and driving the city into ruin.

For the whole of the twentieth century, New York City’s wealth was driven by myriad sectors – manufacturing, with the garment trade being a dominant force finance, publishing, technology and shipping through its major port. The unions drove manufacturing out. It’s non-existent. And successive Democrat governments, through burdensome regulation and high taxes, drove out almost everyone else. Today the two largest employers in NYC is the government and Wall Street (financial sector). If the financial exodus continues, New York City implodes.

Here’s where big Wall Street firms are moving as NYC looks poised to elect a socialist mayor

By James Franey, NY Post, Nov. 3, 2025:

As Wall Street faces the prospect of left-wing firebrand Zohran Mamdani becoming the city’s next mayor, a fast-growing business hub down south is beckoning.

Dallas — whose grab bag of major business moguls has included Ross Perot, Mark Cuban and Jerry Jones — has more recently become a major draw for big financial firms that were born and raised in the Big Apple.

Goldman Sachs is building an 800,000-square-foot, $500 million campus in Dallas. It’s set to open in 2028 and consolidate over 5,000 employees. Last year, the mega bank hired Robert Kaplan, the former president of the Federal Reserve Bank of Dallas, as its vice chairman.

JPMorgan Chase CEO Jamie Dimon at the ribbon-cutting ceremony for its new $3 billion headquarters on Park Avenue last month. The bank has 7,000 more employees in Texas, than in New York.

Meanwhile, JPMorgan Chase now employs 31,000 in Texas — more than its 24,000 staffers in New York. That’s despite the fact that the bank just opened a $3 billion Park Avenue headquarters designed by British superstar architect Norman Foster.

“It shouldn’t have been that way, but Texas loves you being there,” CEO Jamie Dimon told Bloomberg in 2023.

Two years later, Wall Street is feeling less love than ever from the Big Apple, as voters are poised to elect a Uganda-born mayoral candidate who has long dabbled in “defund the police” rhetoric and who has pledged to raise taxes on the wealthy.

Fortress Investment Group co-CEO Drew McKnight, who joined the $53 billion asset manager in 2005, told The Post in an exclusive interview that officials have also moved quickly to slash red tape and make the switch more attractive

“New York is still the financial capital of the US and one of the financial capitals of the world … But Texas can compete,” the 47-year-old Goldman Sachs alum said from the firm’s 50,000-square-foot headquarters in Dallas that’s part of what US financiers have dubbed “Y’all Street.”

Drew McKnight, co-chief executive officer of Fortress Investment Group, speaking at the iConnections Global Alts 2024 event.

The Post reported on Oct. 22 how McKnight was concerned about how mayoral frontrunner Mamdani could upend the city’s real estate market with his rent-freeze agenda.

The firm remains incorporated in New York but has expanded rapidly in Texas since 2021.

Other Wall Street giants are following suit. Dallas accounts for 384,000 financial sector jobs, trailing New York as the second-biggest hub in the country.

But data compiled by Big Apple business power broker Kathryn Wylde found that Texas had 519,000 financial sector employees in 2024, above the 507,000 financial services workers across the state of New York.

Texas has constitutionally banned financial transaction taxes and created specialized business courts; both moves are designed to attract capital from traditional coastal commercial centers.

Aerial view of the Goldman Sachs campus construction site in Dallas, Texas.

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AUTHOR

Pamela Geller

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