Morgan Stanley Plans Dallas Hub With $684 Million Expansion
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Morgan Stanley Services Group Inc. plans to establish a new U.S. operations hub in Dallas, a $684 million investment expected to create more than 3,800 jobs, according to Gov. Greg Abbott 's office. The state has offered the company a $43,849,500 Texas Enterprise Fund grant and a $40,000 Veteran Created Job Bonus. Texas Enterprise Fund payments are tied to the company meeting contractual job and wage targets. "Texas is the financial capital of America," Abbott said in the announcement, adding that the state's talent pool and growing financial services industry continue to attract major companies. The announcement comes as Texas continues to attract corporate relocations and expansions, bolstering its position as a major financial center. Since 2018, 725 companies have moved to Texas, including Hewlett-Packard and Charles Schwab. In a recent meeting in Houston, U.S. Treasury Secretary Scott Bessent contrasted Texas' business environment with California's, arguing that regulatory and tax policies in California have made it less attractive to businesses. Morgan Stanley's expansion was welcomed by state and local officials, who cited the project's potential to increase employment and strengthen Dallas' financial services sector. Company executive Eric Grossman said the new hub will allow Morgan Stanley to serve clients and recruit talent in the region. State Sen. Royce West...
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