Subscribe Us

header ads

Schwab Inc. leaving SF for Texas

Pooping in the street has consequences.

In announcing it will acquire TD Ameritrade, Charles Schwab and Co. Inc. announced it will move its headquarters from San Francisco to Dallas/Fort Worth.

Paragraphs 15, 16 and 17 of the announcement said, "The integration of the two firms is expected to take between 18 and 36 months, following the close of the transaction. Schwab has named Senior EVP and COO Joe Martinetto to oversee the integration initiative, assisted by a team of experts from both Schwab and TD Ameritrade.

"As part of the integration process, the corporate headquarters of the combined company will eventually relocate to Schwab’s new campus in Westlake, Texas. Both companies have a sizable presence in the Dallas-Fort Worth area. This will allow the combined firm to take advantage of the central location of the new Schwab campus to serve as the hub of a network of Schwab branches and operations centers that span the entire U.S., and beyond. Any additional real estate decisions will be made over time as part of the integration process.

"Schwab was founded in San Francisco and has maintained a longstanding commitment to the Bay Area, which will continue. A small percentage of roles may move from San Francisco to Westlake over time, either through relocation or attrition. The vast majority of San Francisco-based roles, however, are not anticipated to be impacted by this decision. Schwab expects to continue hiring in San Francisco and retain a sizable corporate footprint in the city."

I guess Charles Schwab is tired of dodging poop in the streets of San Francisco.

The San Francisco Chronicle reported, "Charles Schwab has been headquartered in San Francisco since its founding in 1971, while TD Ameritrade is based in Omaha, Neb.

"'We’re deeply disappointed about it,' said Jay Cheng, public policy director at the San Francisco Chamber of Commerce. 'We probably will lose significant taxes.'"

Wow has the Chamber of Commerce changed.

It is more worried about the government collecting taxes than companies making money.

No wonder the chamber sides with Red China in its trade war against President Trump's efforts to Make America Great Again.

The Fort Worth Star-Telegram said the new headquarters will be in Westlake, Texas.

The newspaper said, "In September 2017, company founder Charles Schwab, Texas Gov. Greg Abbott and local leaders from Westlake and surrounding cities gathered at the Circle T Ranch to celebrate the beginning of construction of the $100 million complex in North Texas.

"The campus was part of a broader development on the corner of the ranch at Texas 170 and Texas 114, which also was planned to include a hotel, residences and 1 million square feet of office and retail space. The property is on the line between Tarrant and Denton counties, about 23 miles north of downtown Fort Worth."

California does not want capitalists. Texas does.

Post a Comment

0 Comments