Goldman Sachs’ Bold Bet on Dallas: A Growing Financial Hub
Introduction: Goldman Sachs’ Expansion in Dallas
Goldman Sachs is making a significant investment in Dallas, Texas, as part of its strategic expansion beyond its traditional hubs like New York City. The firm is not only hiring top talent but also constructing a state-of-the-art $500 million campus, set to open in 2028. This move is part of a broader trend of financial institutions relocating or expanding in Texas, drawn by the state’s business-friendly environment, favorable tax policies, and a skilled workforce. Goldman’s Dallas office has grown exponentially, from 900 employees in 2017 to over 4,600 in 2023, making it the largest U.S. office outside of New York City. This growth reflects the city’s emergence as a major financial hub, with companies like JPMorgan Chase, Charles Schwab, and Wells Fargo also establishing a strong presence there.
The Evolution of Goldman’s Dallas Office
Goldman Sachs’ Dallas office, established in 1968, was initially focused on real estate, private wealth, and back-office support functions. However, the office’s role has expanded significantly in recent years. In 2017, David Solomon, then-president and co-chief operating officer of Goldman Sachs, tasked Aasem Khalil, a lifelong New Yorker, with building out the Dallas office. Khalil, now head of the Dallas office, describes his experience as exceeding expectations, both personally and professionally. He notes that Dallas is in the early stages of a “financial-services renaissance,” with cultural and population growth mirroring New York City’s golden era in the mid-90s. The office now houses a wide range of front-office functions, including investment banking, wealth management, asset management, and sales and trading. Top executives, such as Khalil and Rob Kaplan, are based there, and the office is home to over 250 open positions across various divisions, including global banking, risk, and asset and wealth management.
Career Opportunities in Dallas: More Than Just a Back-Office Hub
Goldman Sachs’ Dallas office is no longer just a back-office hub; it has become a full-fledged financial center with a wide array of career opportunities. The office’s junior bankers gain deal experience comparable to their New York counterparts. For example, the Dallas-based investment-banking team advised on significant deals, such as Celanese’s $1.15 billion acquisition of Exxon Mobil’s Santoprene business and Tyler Technologies’ $2.3 billion purchase of NIC. Additionally, Dallas-based bankers are often called upon to support transactions in the Southwest region. The office’s smaller size fosters a more intimate and collaborative environment, where employees can build strong relationships and access mentorship from senior leaders like Rob Kaplan, who hosts monthly receptions for employees at his home.
The Cultural and Social Dynamics of Goldman’s Dallas Office
Despite its rapid growth, Goldman’s Dallas office maintains a distinct cultural identity that blends the firm’s signature professionalism with the city’s renowned southern hospitality. Employees describe the office as more intimate and connected compared to larger hubs like New York City. Oksana Beard, a managing director in asset and wealth management, notes that newcomers are often overwhelmed by the warm and open-door culture in Dallas. The office fosters a sense of community through initiatives like Kaplan’s monthly receptions, which bring together employees from all levels. Additionally, Goldman’s Dallas office offers unique perks, such as a suite at the American Airlines Center for Dallas Mavericks and Stars games and free access to the Nasher Sculpture Center.
Living in Dallas: A Perfect Blend of Urban and Suburban Life
Dallas offers a unique blend of urban excitement and suburban convenience, making it an attractive location for Goldman employees. The city boasts a low cost of living, with New York being 150% more expensive. This affordability, combined with a thriving cultural scene, makes Dallas an ideal choice for professionals looking to balance career and family life. Maggie Kravchuk, an analyst in the asset and wealth management group, highlights the importance of staying in Texas after college, where she had already built a network and a life. Employees also enjoy access to world-class amenities, such as the largest arts district in the country, over 160 miles of urban hiking and biking trails, and four major league sports teams.
The Unique Advantages of Goldman’s Dallas Office
Goldman Sachs’ Dallas office offers a unique combination of career growth, cultural vibrancy, and quality of life. The office’s smaller size allows for a more connected and collaborative work environment, while its growing importance within the firm provides unparalleled opportunities for professional advancement. The city’s affordability, cultural offerings, and family-friendly lifestyle make it an attractive destination for employees at all stages of their careers. As Goldman continues to invest in Dallas, the office is poised to become a key hub for the firm’s future growth, offering employees the chance to be part of a financial renaissance in one of the most dynamic cities in the U.S.
