Buried at the bottom of a press release issued Thanksgiving week Charles Schwab announced they are moving their San Francisco Headquarters to the Dallas-Fort Worth area of Texas. The disclosure was part of a broader press release on their merger with TD Ameritrade.
As the November 25, 2019 press release states, “The integration of the two firms is expected to take between 18 and 36 months…. 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.”
Charles Schwab was founded in San Francisco. It will maintain a footprint in the city but much reduced in size.
The exodos of major companies headquarters from California over the last few years has been noteworthy. Many large corporations have chosen to relocate to states deemed more friendly to business. In addition, many small businesses have uprooted themselves as well.
A list of companies that have chosen to leave the Golden State is so numerous they cannot be appropriately listed.
California has earned a well deserved reputation as an expensive state for businesses to operate. And, the cost of living in the state continues to rise, as do the taxes.