By Aoibhinn Mc Bride
In the past, football, not finance, was what Dallas was most famous for.
But in recent years, Texas' third-largest metropolitan area has quickly ascended the ranks to become a financial-services industry hub and now boasts the second-highest number of financial-service workers in the U.S., ahead of Chicago and Los Angeles.
Additionally, the industry is on an upwards trajectory with the Bureau of Labor Statistics detailing that financial activities workers increased by 4.4% between November and December 2023 and as of February 15, there were 387,000 Dallas residents employed in the sector.
Selling points
The reasons for this are manifold: tax breaks are undeniably luring large corporations to the area as is cheaper commercial real estate—in October 2023 Goldman Sachs broke ground on its 5,000-person campus in downtown Dallas, while Wells Fargo and Bank of America have also firmly planted their footprints in the city with a $500 million campus and 30-story HQ respectively.
Crucially, Dallas has cultivated a skilled workforce, something corporations across the U.S. are struggling to deal with, particularly within the tech industry to the extent that job site Indeed has launched a Tech Network to help companies to reach passive talent.
Zero income tax and more affordable house prices are undeniably acting as a catalyst in luring coastal workers from California and New York to the Big D—the cost of living is estimated to be 40% less than New York so despite salaries being 15% lower than those on Wall Street, workers are still better off at the end of every month.
Opportunity abounds
Whether you're already a Texan resident or are considering a move from elsewhere in the U.S., the good news is that the financial job market in Dallas is in robust health and companies are actively recruiting.
And if you're looking for a way to accelerate your own job search or get a better grasp on what's available, the American Banker Job Board is the perfect place to focus your search. Below are just three examples of what's on offer but you can find thousands more on the Job Board.
Senior Investment Accountant, Controllers, Dallas, Goldman Sachs, Dallas
The Alternative Investments & Manager Selection (AIMS) Group at Goldman Sachs provides investors with investment and advisory solutions, across leading hedge fund managers, private equity funds, real estate managers, public equity strategies and fixed income strategies. As a Senior Investment Accountant you will ensure that the firm meets all the financial control and reporting obligations of a global, regulated and public financial institution. As such, you will assist in the preparation of monthly and quarterly accounting and reporting packages, including fund-level net asset values and investor capital statements for private equity investment funds, prepare ad hoc reporting requests, management fee analysis, cash flow analysis, and provide assistance with client audit and financial reporting related requests. You will also be responsible for preparing period-end close transactions including mark-to-market valuation and foreign currency adjustments, accruals, and other transactions. Find out more here.
Wealth Management Client Associate, Bank of America, Dallas
Merrill Wealth Management is a leading provider of comprehensive wealth management and investment products and services for individuals, companies, and institutions. The Wealth Management Client Associate role is a sales support position, typically providing dedicated operational and sales support to multiple Financial Advisors (FA). In this role you will lead end-to-end onboarding and maintenance activities for new and existing clients, provide products and services to each client, working with cross line of business partners and creatively tackle problems, from managing client servicing requests to account maintenance. You will also act as a key team member leading clients' digital experience with the firm and create ease of access and interaction, while protecting their privacy and security. See the full job description here.
Wealth Management Risk Director, Comerica Bank, Dallas
As Wealth Management Risk Director you will provide the overall Governance, Risk and Compliance strategic direction, management, and oversight for the Wealth Management division. This role is responsible for directing activities that align with our Enterprise Risk Management framework. The role serves as the subject matter expert with respect to laws, regulations, industry practices and fiduciary principles, bank policies and procedures and oversees the management of regulatory exams over all of the relevant functions in Wealth Management. This position leads the team that provides expertise and support to the first line of defense compliance and risk personnel within the individual Wealth teams (Private Wealth/Banking, Trust, and CFA). The role is also responsible to ensure the division is executing on our enterprise-wide Excellence Program.
Apply now.Find your next banking job today via the American Banker Job Board
