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Posted on 09/28/2026 11:48:15 AM PDT by DFG
DALLAS — Editor's note: The video published above is a previous WFAA report from July.
Morgan Stanley plans to establish a new U.S. hub in Dallas, a project expected to create more than 3,800 jobs and bring $684 million in capital investment, Gov. Greg Abbott announced Monday.
“Texas is the financial capital of America,” Abbott said in a statement welcoming the expansion. “Opportunity’s address is now Y’all Street.”
The state has offered Morgan Stanley a $43.85 million Texas Enterprise Fund grant and a $40,000 bonus tied to jobs created for veterans. Dallas has also approved an incentive agreement that includes a grant of up to $18.5 million based on the number of jobs created.
Mayor Eric Johnson’s office put the project’s direct and indirect capital investment at more than $1.3 billion. That broader estimate differs from the $684 million capital investment figure in the governor’s announcement.
WFAA reported in June that Morgan Stanley was considering a Dallas expansion. Monday’s announcement confirms the Dallas hub and projects more than 3,800 jobs.
“Dallas’s selection as the home of Morgan Stanley’s new $1.3 billion operations hub is a landmark investment in our city and another defining moment in the rise of Y’all Street,” Johnson said in a statement. “It will create thousands of high-quality jobs, expand opportunity for Dallas residents, and further strengthen our position as one of America’s leading centers of finance and business.”
Morgan Stanley said Dallas would serve as a strategic hub for the firm, which provides banking, securities, wealth management and investment services.
“We are excited to establish Dallas as a strategic hub for our firm to serve clients and attract top talent in the years ahead,” Eric Grossman, Morgan Stanley’s chief legal and chief administrative officer, said in the governor’s announcement.
The Dallas City Council unanimously authorized the city incentive agreement June 24. It allows a five-year tax abatement on 90% of the added taxable value of business personal property in the project’s first phase and a 10-year abatement at the same rate for its second phase, according to the mayor’s office.
“Today’s announcement is great news for Dallas and reflects the continued growth and momentum of our financial sector,” City Manager Kimberly Bizor Tolbert said. “Morgan Stanley’s investment will bring new jobs while further strengthening Dallas’ economic foundation and position as a global financial and business center leader.”
The announcements did not specify when the hub would open or when the jobs would be filled.
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Yay, more Indians!
The advance guard for moving out of NYC in good order.
Texas offered Morgan Stanley an Enterprise Fund grant
AND a $40,000 bonus tied to jobs created for veterans.
Nice.
Commerce Street in Dallas may become the new Wall Street.
Texas and Florida are eating New York City’s lunch. The Miami-Palm Beach area is taking a lot of the front office/asset management jobs while Dallas is grabbing the middle/back office roles and Houston grows the energy related financial jobs it always has had. JPMorgan employees more people in Texas now than New York City. And Mamdani is only speeding up the process.
No one seems to know who owns Wall Street’s iconic ‘Charging Bull’ statue
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