CHARLES SCHWAB MOVING SAN FRANCISCO HQ TO TEXAS

[IsailedawayfromFR]

Article is a couple of months old, but am unsure whether it was ever posted.
Texas wins and California loses, once again, as Schwab will locate a third of its workforce in the DFW area as well as its HQ.

Nov. 25, 2019: The brokerage firm Charles Schwab announced today it would acquire TD Ameritrade in a $26 billion deal and as part of the transaction Schwab will move its headquarters to the Dallas-Forth Worth area.

The integration of the two firms is expected to take between 18 and 36 months, following the transaction’s close. The corporate headquarters of the combined firm will eventually relocate to Schwab’s new campus in Westlake, Texas, which is located in Denton and Tarrant Counties north of the cities of Fort Worth and Dallas.

Both companies have a sizable presence in the area. Any additional real estate decisions will be made over time as part of the integration process.

Schwab was founded in San Francisco and will maintain a presence in the city. However, in my experience, once a company establishes a footprint in a business-friendly location, more jobs gravitate there over time.

The move isn’t surprising considering that Schwab’s founder and chairman, Charles “Chuck” Schwab, has said that “We’re pretty much a national company now. I’m not sure [we’ll stay in San Francisco] … we’ll continue looking at that as a possibility [but] as taxes go … and the costs of doing business here are so much higher than some other place.”
https://www.newgeography.com/content/006483-charles-schwab-moving-san-francisco-hq-texas

I note the author mentions he moved his own consulting out of California last year as well.

[Bigun]

I hope they leave their liberal voting in California.

[IsailedawayfromFR]

Another article on this subject worth reading. https://www.dallasnews.com/business/2019/11/30/schwab-is-the-latest-company-leaving-california-for-texas-and-it-wont-be-the-last-expert-says/

Excerpt:  One study estimates 13,000 companies fled the Golden State in a nine-year period from 2008 to 2016.

Not the Golden State anymore for them.

[dfwgator]

Great! More liberals headed our way.

[dfwgator]

I hope they leave their liberal voting in California.

Looking for new nests to foul.

[mountaineer]

Can't blame them for leaving the cesspool of CA, but I hope - as do the rest of you - that they won't further befoul Texas with liberalism.

[TomSea]

Texas has already had more stock brokers, brokerage firms, financial advisors than NY state for a while now, so this is almost not even unexpected news. It's been happening, Schwab is just a more recognizable name and SF must be an excessively expensive place.

[PeteS in CA]

With roots in the late 19th Century, the Pacific Stock Exchange was located in SF during the 20th Century. This was a prime reason so many financial institutions were located in SF (distance from the East Coast, being a port with lots of commerce, and being the 3rd, and more recently, 4th, largest city in CA were other major reasons). The PSE closed for good in 2001.