Finance and insurance is a slow-growth business, except in Dallas, where it’s surged over three times faster than in the U.S.
A rising tide may lift all ships, but what happens when the momentum turns and things get rough? For Dallas-Fort Worth, prospects can get even better.
That’s one way to think about Charles Schwab’s recent decision to move its corporate headquarters from San Francisco to North Texas.
Schwab, a leading discount broker, has been facing financial pressure from online upstarts, heavyweight rivals and low interest rates. In September, it laid off 600 employees, about 3% of its workforce, and the next month, Schwab cut commissions to zero for online trading of stocks and options.
The no-fees move shook up the brokerage business. Then Schwab followed up with a blockbuster deal to acquire TD Ameritrade. It touted the combination’s money-saving potential, what executives like to call synergies.
The new company expects to save up to $2 billion annually by cutting overlapping jobs, real estate, overhead and other areas.
That means fewer workers and offices — except in Westlake, where Schwab is building a major campus for 6,000 employees and has room to grow. Next door, in Southlake, Ameritrade has a sparkling regional office that opened in 2018.
6:00 AM on Dec 8, 2019