- Dallas is now home to the largest working force in Goldman Sachs outside New York City.
- 5 employees from Goldman, from partner to analyst, share what is living and working there.
- They said that the job opportunities in Dallas have grown with the axis more functions of the front office.
In 2017, President of Goldman Sachs and co -operations official, David SuleimanHe had a big question about one of his fellow bankers: He moved to Goldman’s website in Dallas, Texas. At that time, Dallas was home to nearly 900 employees in Goldman, and the bank had no full -time partner since the 1990s.
New Yorker for life in charge of building the Dallas office, Iceim KhalilI don’t know what to expect. He said that the experience exceeded his expectations – personally and professionally.
“If you are considering returning to the mid -nineties, until mid -2010 in New York City, she had this amazing golden age,” Khalil said in an interview with him recently. He said: “Dallas in the very early roles of the similar round, with the renaissance of financial services, cultural explosion, and continuous population growth,” adding, “All these things are really exciting.”
When a person thinks Goldman Sachs, They tend to think about New York City – where Wall Street child. Today, Dallas is the largest office of Goldman outside New York City, home to 4,600 employees in Goldman and growth.
Khalil, who was the head of the global chemical specifications of Joldman when he moved to Dallas, became the head of the Dallas office. It oversees the construction of a $ 500 million office campus, which will include approximately 5,000 employees when it opens in 2028.
Goldman is not alone. A number of companies have moved to their offices or expanded them in Lone Star State in recent years, which have been attracted by the business friendly environment, favorable tax policies, and skilled workers’ forces strengthened by universities in the region and the scene of booming business. Elon Musk The headlines are issued when the Tesla Electric Car Manufacturer was transferred to California in 2021, citing frustrations from COVID-19 insurance policies in the last state.
Dallas, at the same time, has become a center for financial companies like Jpmorgan ChaseCharles Shawab and Wales Vargo. According to fuey & Lardner, the investment and securities workers in Texas have increased by 27 % since the Korona virus pandemic.
BI spoke to five Goldman Sachs Dallas employees, including Khalil, to understand what is like working in the fastest growing bank. They discussed the challenges of moving away from the headquarters and social and professional culture, and what it means building a profession in financing outside the Wall Street.
More than the axis of the back office
Before the arrival of Khalil, the Dallas office in Goldman, which was established in 1968, was largely focused on real estate and special wealth, as well as the functions of the medium and back office support. However, in 2020, Goldman announced plans to reduce more than one billion dollars in partially, by transferring employees from high -cost centers such as New York City and London to more affordable cities such as Dallas, Texas and Salt Lake City, Utah.
As a result, the Dallas office is now home to a broader set of job opportunities, including investment banking services, wealth management, asset management, real estate, sales and trading. There are now some of the company’s senior executives, including Khalil, the global head of banking investment services in addition to leading the Dallas office, and Rob Kaplan, who joined Goldman last year as deputy head of the bank and a member of its management committee after a long time as the head of the Reserve Bank Federal in Dallas.
“One of the things related to the presence of Dallas is that we are well -acting in each of the company’s sections,” Kaplan told BI.
The company refused to provide details by the department, but the bank job portal review showed more than 250 open jobs in Dallas in late February. The positions ranged from a Java exposed developer to colleagues focusing on direct lending. There were sixty -four working lists in the AWM group, compared to 36 in Global Banking and Markets, and 31 in the largest group, risk department.
Khalil said that novice bankers in the office get experience in the deal exactly as they do in New York. The Dallas Banking Investment Team, Celandes, a global chemical company, advised its acquisition of Santoprene from Exxon Mobil of $ 1.15 billion, in late 2021, and TECNOLOGIES, a software company, in its purchase of $ 2.3 billion from NIC, solutions company And government payments, in the same year.
Khalil said that the young bankers in Dallas are also pulled into the deals that are being dealt with by other teams.
Khalil said: “We get a lot of calls that require our beginners resources to help implement integration and purchase transactions for customers in and around the west.” Hey, can we borrow it?
It meets the opportunity to call
Despite the efforts made to make Dallas miniature of 200 West Street, where its headquarters are located in Goldman, employees said the southern axis feels more intimate as a result of its smaller size.
“Forty -five hundred people do not seem small and comfortable, but the truth is that you can get to know everyone here, and you can get your arms in the place, and we have a lot of mentors and coaches vice president.” I spend a lot of my time directing and training young people early. From their career in the Dallas office and through the company. “
OKSana Beard, who has been long -standing in Dallas – Managing Director of Assets Management and Wealth Head of Capital Markets Real Estate and Goldman Sachs Asset Management – Help the new arrivals in settling the city.
“When people come, the comments that I hear a little are that they are overwhelmed by that southern hospitality and the open culture that we tend to get.” She added that the challenges tend to appear on personal lines because they adapt to her new home. “It is a personal level, any society you want more as you will buy your home or teach children and things like that,” Bird explained.
Meanwhile, Kaplan moved to host receptions at his home in Dallas almost once a month for employees from analysts to the deputies of presidents and administrative managers. “We will get a hundred people, as much as I can fit, in my apartment,” he said.
Live in Dallas
Goldman’s website draws on Dallas as a perfect mix of living and urban life. A guide for the city shown on the website until recently said that it is home to the country’s largest arts area, and more than 160 miles of long -distance walking paths, cycling in urban areas, and four main sports teams in the league.
Another feature of life in Dallas is the low cost of living. According to the Institute of Economic Research, New York is 150 % more expensive than Dallas, and a person who gets $ 30,000 annually in Dallas need to get about 75,000 dollars to maintain an identical standard of living in the Manhattan region.
For Maggie Kravchuk, an analyst in the asset management and wealth group, the ability to work from Dallas was a major selling point when it joined the bank full -time in 2022. There.
“I went to the college in Texas and managed to build contacts here throughout my first university period,” said Krafchuk. “It was amazing to be able to follow the profession in the financing that I wanted without having to leave a place that has become at home for me and where many of my friends were.”
Despite the presence of friends in the region, Krafthuk said it had also planted close bonds with members of the analysts category. Recently, a group of them traveled to Florida to run half a marathon.
“There is a group of us we love running,” she said. “We are training for a few races every year.”
The most prominent in the Dallas office
The employees said that the privileges of the Goldman office in Dallas include a pavilion at the American Airlines Center, where the Dallas Maverx team in the American Professional League and Dallas Stars Nhl Play. Sometimes, Dallas employees are invited in Goldman to take a game of wing, which is used primarily to entertain customers.
Employees get free access to the Nasher Sculpture Center, an exhibition of more than 300 pieces of modern and contemporary works of famous artists such as Picasso, Matisse and Rodin.
Paige Richie, Chief of Staff of the Dallas Office, said that the work in Dallas gave her and her three children the quality of life that may not have another place.
She said: “I tell them all the time how good we are able to go to the city, go to the museum, and hit the game Dallas Maverx.” “This looks a little in the New Yorker-that now my favorite girls-their favorite thing is to reach swirls and meet their friends and go to Starbucks. They feel a little like urban lifestyle.”
Goldman has a 5 -day policy in the office through its offices, including the Dallas website. However, Richie said that her life there gives her flexibility in obtaining a profession and raising her children, thanks to supporters and short movement.
“I never thought that I would be able to be in Goldman as a mother working with three children and I have a profession that I feel is in a classroom, and I feel that I raise our daughters and there is no one else to do it for me.”
Red Alexander is a correspondent at Business Insider. Email it can (561) 247-5758.
