Goldman Sachs is looking into building a campus in Dallas, Texas to take advantage of the lower taxes and more favorable business climate of Texas. another advantage that Dallas offers to Goldman Sachs is that it will be easier to hire and keep the best people working for them.
Crime is up in Dallas, but it’s still much lower than in New York. The bankers will see an increase in their salaries of over 10% because of the lower taxes and it won’t cost Goldman Sachs a dime.
Also, Dallas does not Have AOC, which is a huge advantage. They won’t have her trying to kill the deal like Amazon faced in New York. She can’t kill 25,000 great-paying jobs as she did with Amazon.
She complained that Amazon was getting a huge tax break which was true but there still would have been a fortune in income taxes and other new jobs that would be created to service Amazon.
NY still does not see a dime in taxes. Barmaids are not good with economics.
As Bloomberg News discovered:
Executives are in advanced talks with developers as the firm scouts for expanded space in North Texas, a region known for steakhouses, luxury retail and low taxes. The move could boost Goldman’s presence there to rival an older outpost in Jersey City, where the bank’s tower looms over much of the local skyline — and even supplant it in time, according to people with knowledge of the situation.
Fox Business adds:
Goldman already has a presence in the Dallas area, with more than 1,000 employees working out of downtown Dallas’ Trammell Crow Center and another 600 workers at its Richardson consumer banking office with plans to add hundreds more… If the purported new campus comes into fruition, Dallas could replace Salt Lake City as the firm’s largest hub outside the New York area.
Goldman is playing it close to the vest and they refuse to confirm or deny the reports coming from various sources. But, the move makes a lot of sense for many reasons.
New York is a dying town located in a dying state. And Texas would be a place that many bankers would be willing to move to because of the lower crime rate as well as the much lower taxes and Goldman already has an office or two in the area.