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Schwab Leaves San Francisco for Texas


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2019 Nov 30, 10:07am   337 views  4 comments

by Patrick   ➕follow (55)   💰tip   ignore  

https://www.wsj.com/articles/schwab-leaves-san-francisco-for-texas-11574900348

The brokerage giant heads for a state that doesn’t punish finance.

Discount brokerage firm Charles Schwab this week announced a $26 billion merger with TD Ameritrade that it says will make it more competitive amid a fierce financial industry price war. That may be one reason Schwab is also relocating its corporate headquarters from San Francisco to lower-cost-and-low-tax Texas.

Since its founding in 1973, Charles Schwab has grown into one of the nation’s largest brokerage firms by reducing the fees it charges to clients. In the 1970s Schwab charged about $70 per stock trade, which it cut...



Paywall, so I can't read the rest. But that's all I really needed to know.

I worked for Charles Schwab from 1999 to 2004, and it was a great place. They have been reducing jobs in SF ever since, and increasing them in cheaper places like Phoenix and Denver, if I remember right. Kind of surprised it took this long for them to move their headquarters. Then again, cost reduction measures usually apply only to the worker bees, and not to executives.

Comments 1 - 4 of 4        Search these comments

1   Blue   2019 Nov 30, 11:19am  

There is still a great demand for SF RE for tech startups. May be Charles Schwab not be able to compete or the move could be part of the merger with PWC.
2   Rin   2019 Dec 1, 4:15am  

Patrick says
I worked for Charles Schwab from 1999 to 2004, and it was a great place. They have been reducing jobs in SF ever since


On the eastern seaboard, that's the same phenomena as moving to Wilmington Delaware or Charlotte NC to save some cash over the major NE cities like NYC or Boston.
3   B.A.C.A.H.   2019 Dec 1, 3:34pm  

Blue says
There is still a great demand for SF RE for tech startups. May be Charles Schwab not be able to compete or the move could be part of the merger with PWC.


Heard that kind of HipsterTalk in 1999.

Keep telling that to yourself. Anything to goose the house prices.

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