Dallas Challenges Charlotte's Banking Dominance

Charlotte faces rising competition from Dallas as the Texas city aims to become a new financial hub

Published on Feb. 15, 2026

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Charlotte, long considered the second-largest banking hub in the U.S. after New York City, is increasingly facing stiff competition from Dallas as the Texas city seeks to challenge the Queen City's financial dominance. With Dallas rapidly growing its financial services workforce and luring major corporate relocations, Charlotte is having to work harder to maintain its status as a top banking center.

Why it matters

The rivalry between Charlotte and Dallas highlights the shifting dynamics in the U.S. financial services industry, as companies look beyond the traditional hubs of New York and Charlotte to expand their operations. This competition could have significant implications for jobs, investment, and the overall economic landscapes of both cities.

The details

Dallas has quickly emerged as Charlotte's top rival, with the Texas city now home to the second-largest concentration of financial services workers in the country after New York. This growth has been fueled by major corporate expansions, such as Scotiabank's decision to choose Dallas over Charlotte for a new $60 million regional hub. While Charlotte offered more incentives, Dallas' lower operational costs proved more appealing. The two cities are now going head-to-head on economic development deals, with companies increasingly eyeing talent in East Coast markets like Charlotte.

  • In 2026, Charlotte and Dallas are intensifying their rivalry for financial services jobs and investment.
  • Last year, Scotiabank chose Dallas over Charlotte for a new $60 million regional hub with 1,020 jobs.

The players

Charlotte Center City Partners

A nonprofit organization focused on economic development in downtown Charlotte.

Michael Smith

President and CEO of Charlotte Center City Partners.

Tracy Dodson

Vice President of the Charlotte Regional Business Alliance.

Mike Rosa

Senior Vice President of economic development at the Dallas Regional Chamber.

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What they’re saying

“They're trying to compare themselves to an alternative to New York City or Wall Street. And we're going to have to compete.”

— Michael Smith, President and CEO, Charlotte Center City Partners (Axios)

“I don't want to call us an underdog, but we're this smaller market that is now showing up against bigger competitors. And hopefully, we'll see the trend to where we're winning these projects.”

— Tracy Dodson, Vice President, Charlotte Regional Business Alliance (Axios)

What’s next

Charlotte is working to diversify its economy by growing its tech and life sciences sectors, mirroring Dallas' strategy, in an effort to maintain its status as a top financial hub.

The takeaway

The rivalry between Charlotte and Dallas highlights the shifting landscape of the U.S. financial services industry, as companies look beyond the traditional hubs to expand their operations. This competition could have significant implications for jobs, investment, and the overall economic futures of both cities.