Dallas is working to establish itself as a rival to Wall Street, with the Texas Stock Exchange set to begin trading this month. The exchange, which has raised at least $250 million, is part of a broader effort to attract financial institutions and businesses to the city.
Recent Departures
Despite this effort, Dallas has recently seen the departure of several high-profile businesses, including AT&T, which is moving its global headquarters to the suburbs. The Mavericks and Stars have also considered leaving downtown Dallas.
However, city leaders are hopeful that the Texas Stock Exchange will help to bring new businesses to the city and offset the loss of these departures. The exchange is expected to create new jobs and stimulate economic growth in the area.
Financial Sector Growth
The Dallas-Fort Worth area has seen significant growth in its financial sector in recent years, with the number of jobs in finance increasing from 212,000 to 393,000 between 2000 and last year. Companies such as Goldman Sachs and Morgan Stanley have established a presence in the city, and Scotiabank has opened a new regional hub in Dallas.
Dallas city leaders, including Mayor Eric Johnson, have been working to promote the city as a financial hub, meeting with business executives in New York City and ringing the opening bell at the New York Stock Exchange.
Original reporting: Texarkana Gazette — read the source article.
