Mamdani ERUPTS As Goldman Sachs Announces A New WALL STREET In Texas - 5,000 Jobs GONE

Goldman Sachs, the firm that has defined Wall Street since its founding in a one-room basement office in 1869, is building an 800,000-square-foot campus in Dallas with room for more than 5,000 employees—a commitment estimated between $500 and $700 million, set to open in 2028. In this breakdown, we trace the firm's 157-year history in New York, from underwriting the Sears IPO in 1906 to surviving the 1929 crash and leading the record-setting Ford offering in 1956, and examine why one of finance's most storied institutions is now expanding far beyond Manhattan. The timing coincides with Mayor Zohran Mamdani's push to raise New York's corporate tax rate from 7.25 percent to 11.5 percent and add a 2 percent surtax on incomes above $1 million, placing the expansion at the center of a larger debate over the city's fiscal direction. We also examine the broader migration reshaping American finance: JPMorgan's Texas workforce now exceeds its New York headcount, Wells Fargo has opened a major campus in Irving, Charles Schwab has relocated its headquarters to the Dallas suburbs, and the New York Stock Exchange has launched NYSE Texas. According to data compiled by Kathryn Wylde, Texas surpassed New York in financial sector employment in 2024—519,000 workers to 507,000—a first in American history. With Moody's shifting New York City's credit outlook to negative and similar tax dynamics playing out in Illinois, California, and Massachusetts, the video considers what happens when the taxpayers funding a growing share of a state's budget have somewhere else to go. Turn on notifications to stay updated! 🔔🔔🔔