For finance experts looking for a place to launch, Dallas is the new New York, according to a recent report from Korn Ferry.
Dallas and its suburbs, like Mesquite and Farmer's Branch, have exploded onto the financial talent scene in recent years. Three of Wall Street's largest banks have opened regional hubs in the Dallas area, which now has the second-highest concentration of financial service workers in the nation — beating out both Chicago and Los Angeles, according to the management consulting firm.
It's not a top-down migration, but a bottom-up one, said Chad Astmann, co-head of Korn Ferry's global investment management practice. Although companies can also benefit from Texas' cheap real estate and tax breaks, workers made the move first; now, firms are just following the talent.
Dallas is also coveted for its highways, public transportation and major airport access, making it easy to reach from the coasts.
As work shifts from the traditional office setting to remote and hybrid forms of collaboration, companies will continue to launch new business ventures outside of their industry's original hub, according to Korn Ferry.
"Great investment ideas don't need the physical trappings of power-lunch restaurants, fancy private clubs, and expensive boardrooms," Mr. Astmann said.