D-FW is now Goldman Sachs’ second-largest U.S. hub after nearly doubling to 4,000 workers

In less than a year, Goldman Sachs has grown its North Texas presence from more than 2,000 employees to nearly 4,000.

Dallas is now Goldman’s second-biggest U.S. office outside of New York, surpassing Salt Lake City.

The Wall Street heavyweight, which had about 44,000 global employees at the end of 2021, is particularly focused on engineering talent in Dallas-Fort Worth, said Stephanie Cohen, who co-leads the consumer and wealth management division at Goldman.

“Our vision for this is that in the same way that we have developed a really good talent base in places like London and Hong Kong and New York, where people come to Goldman Sachs in order to work in finance and investment banking, I think there will be people who come to Dallas who want to work in fintech and want to do that at Goldman Sachs,” said Cohen, who moved to Dallas from New York in August to lead the company’s growth.

Dallas led all metropolitan areas in 2021 in net tech job growth, adding 5,321 positions, according to a new report by CompTIA, the nonprofit association for the information technology industry. CompTIA expects that to grow to nearly 7,700 net new positions this year, the fifth-highest total nationally. The region’s tech workforce is projected to expand 17% over the next decade.

Cohen said Goldman has been focused on fortifying its relationships with universities to help attract engineering talent to D-FW. On Monday, the company unveiled a branded terrace at the University of Texas at Dallas in Richardson that it hopes will “inspire students to want to learn more about Goldman Sachs,” she said.

Goldman also will provide six student scholarships for $10,000 each at UTD over the next three years.

Goldman Sachs dedicated a terrace at the Engineering and Computer Science Building at the...Goldman Sachs dedicated a terrace at the Engineering and Computer Science Building at the University of Texas at Dallas in Richardson to help inspire students to learn more about Goldman Sachs, said Cohen. The company likes bringing in younger people because they have the capacity to train them, she said.

(Emil Lippe / Special Contributor)

Bringing in young talent and training those people will benefit not just Goldman but other companies around the city looking for engineering talent, she said.

“We’re hopeful that we’ll create this self-enforcing ecosystem where people will say if they want to work in financial services and do cool things in fintech, this is one of the great places to go to do that,” Cohen said.

In its 2021 annual report released in February, Goldman said it had established key strategic locations that included Dallas, Salt Lake City, Singapore, Warsaw and Bengaluru. By year’s end, 40% of its employees were working in those locations, the company said.

“We believe our investment in these strategic locations enables us to build centers of excellence around specific capabilities that support our business initiatives,” the company said.

How big the Dallas operation will get is a source of regular speculation in the North Texas real estate community. In August, The Dallas Morning News reported that Goldman is eyeing a new skyscraper project on the edge of downtown Dallas as a location for up to 6,000 workers.

Cohen declined to give projections for growth in Dallas or say whether Goldman is considering such a move.

The consumer and wealth management team in Dallas is close to 1,200 now, which is about how many are on the same team in New York, said Cohen, who also noted that employees are back in the office in the U.S.

Cohen’s division, consumer and wealth management, includes the consumer banking platform Marcus, which launched in 2016 followed by an app in January 2020 that allows consumers to do everyday banking. Goldman plans to add checking to Marcus later this year but doesn’t have a set date, Cohen said. The business is not yet profitable but is expected to hit revenue of $4 billion by 2024, she said. It had revenue of $1.5 billion in 2021.

“Dallas is quite central,” Cohen said. “We have the ability to have access to our clients in Texas but also more broadly across the United States and internationally. Our people find Dallas a really, really great place to live and raise a family.”

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