Austin, Texas has emerged as a hotbed for investment banks over the past few years. Major players like JPMorgan Chase, Goldman Sachs, Morgan Stanley and Bank of America have significantly expanded their presence to tap into the city’s thriving technology and startup ecosystem. The influx of capital and talent is transforming Austin into an attractive destination for investment banking professionals looking for new opportunities.
JPMorgan Chase ramping up Austin investment banking division
JPMorgan Chase has been aggressively growing its Austin investment banking practice since 2019. The bank has added over 800 employees in the city across corporate and investment banking, asset management, tech and operations roles. According to property records, JPMorgan leased an entire 35-story tower currently under construction in downtown Austin. The tower, slated for completion in 2024, will have the capacity to accommodate 4,000 employees. JPMorgan plans to make Austin one of its largest U.S. hubs outside New York.
Goldman Sachs focusing on technology coverage from Austin hub
Goldman Sachs has also expanded significantly in Austin recently. The firm has increased total headcount to over 900, making Austin its second-largest office in the Americas. The Austin office mainly covers the technology, healthcare, industrial and energy sectors. Several managing directors and partners lead coverage of mega-cap technology firms and provide M&A and capital markets advisory from the Austin hub.
Morgan Stanley targeting startups and VC coverage
Morgan Stanley has nearly 300 employees based in Austin. The team focuses on venture capital and startup coverage to tap into the city’s entrepreneurial talent and incubators. They also cover private wealth management for newly minted millionaires and billionaires in the technology industry. Morgan Stanley expanded by 50,000 square feet in 2021 and may continue growing to keep pace with Austin’s startup scene.
Bank of America integrating operations with investment banking
Bank of America has operated in Austin for over 30 years but recently established an investment banking presence. The team covers the technology, energy and healthcare sectors. Moreover, Bank of America is expanding operations roles in Austin to support investment banking activities like trade processing, settlements and technology infrastructure.
The influx of major investment banks setting up shop in Austin reflects the city’s stellar business growth and vibrant startup ecosystem. As more capital and talent accumulates, Austin’s stature as a banking hub will continue rising.