Y’all Street is booming: What financial giants like Morgan Stanley and Goldman Sachs are building 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.