Y'all Street is booming: What financial giants like Morgan Stanley and Goldman Sachs are building in Texas

Shelby Tauber for The Washington Post via Getty Images Banks and financial institutions are expanding their operations in Texas.

Corporations across industries are flocking to the state, which promises business-friendly taxes.

From Morgan Stanley to Goldman Sachs, here's what some of the big financial players are up to in Texas.

When it comes to finance, it's no longer New York or nowhere — and Morgan Stanley's new expansion plan is the clearest sign yet.

The firm plans to open its permanent Dallas hub by 2031, joining a growing list of Wall Street names betting on Texas, drawn by low taxes, light regulations, and a cheaper cost of living .

Banks and financial institutions are among hundreds of businesses hopping on the trend, setting up flashy campuses in Dallas, which some have coined "Y'all Street." Others, like Vanguard, are opening up regional offices in the area.

The Texas Stock Exchange is based in Dallas and began trading in July, as it vies to take business from the New York Stock Exchange and Nasdaq.

The election of New York City Mayor Zohran Mamdani has only fueled debates about whether New York is still the best place to do business, while Texas lawmakers have passed bills they say will attract more businesses to the state.

From JPMorgan to Goldman Sachs, here are some of the big finance players growing their footprint in the Lone Star State.

Morgan Stanley Morgan Stanley has plans to build a new hub in Dallas.

Mike Kemp/In Pictures via Getty Images Morgan Stanley plans to have employees move into a 708,000-square-foot building in Dallas by 2031, according to a resolution filed with the city's city council in July 2026.

During construction, some Morgan Stanley employees will work in a smaller, temporary facility.

The bank will invest just over $587 million in the permanent building, which will house around 3,800 employees by the end of 2035, including current Dallas workers, relocated positions, and new roles, the filing shows.

Morgan Stanley has also committed to hiring Dallas residents for at least 25% of the relocated or created roles and must submit a plan by the end of 2027 outlining how it will recruit local talent.