The new campus underscores Texas’ banking boom, as the state surpasses New York in finance jobs and attracts more major firms.
IRVING, Texas — Wells Fargo has planted deep roots in North Texas, unveiling a sprawling new campus that’s become the latest symbol of the region’s banking boom.
The company’s twin glass towers rise from the prairie in Irving’s Los Colinas district with more than 850,000 square feet of workspace, enough room for about 4,500 employees.
It’s also part of a broader migration of financial firms betting on Texas.
Gov. Greg Abbott said the expansion highlights how state leaders began courting banks and investment companies decades ago to move beyond oil and gas.
“When you look at the addition of Wells Fargo and their growing footprint in the state of Texas, we are growing leaps and bounds ahead of any other state,” Abbott said.
Wells Fargo CEO Charlie Scharf said the company was drawn by the state’s growth and workforce.
“We want to look for a state where the state’s growing, where there’s education, where those people who have less education are finding ways to make sure that they’re making the living that they deserve to make,” Scharf said.
Texas has now surpassed New York in finance and insurance employment, according to the U.S. Bureau of Labor Statistics. As of July, more than 677,000 Texans worked in the industry, about 100,000 more than in New York.
Other major players have followed Wells Fargo’s lead.
Charles Schwab relocated its headquarters from San Francisco to a sprawling Westlake campus, while Scotiabank announced in September that it would open a major regional office in Dallas.
Irving Mayor Rick Stopfer said cities like his are determined to keep that momentum.
“We’re the hot spot,” Stopfer said. “We don’t want to lose that. We want to continue to be welcoming.”