Here’s why Charles Schwab and other finance companies keep coming to North Texas

Finance and insurance is a slow-growth business, except in Dallas, where it’s surged over three times faster than in the U.S.

Charles Schwab will move its corporate headquarters from San Francisco to a new campus in Westlake, currently under construction. Finance and insurance jobs have been growing rapidly in North Texas, the state’s business and financial services hub.(Tom Fox / Staff Photographer)

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.

See the full Dallas News article


6:00 AM on Dec 8, 2019

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