Friday, July 11, 2014

Charles Schwab Expands Operations & Investments in Texas

With the help of two Texas Enterprise Fund (TEF) investments, The Charles Schwab Corporation will open a new operations center in El Paso and strengthen its presence in Austin. Based out of San Francisco, the company is downsizing its headquarters in order to spread the employees throughout the United States.

The investment in Austin is going to double the number of employees they currently have in the city from about 1,000 to 2,000. Schwab is set to finish building its $200 million campus in late 2016, but that isn’t the only move they are making in Austin. They recently opened up a new retail location downtown at 501 Congress Avenue. This location is very visible and houses offices on the second floor.

The Texas Enterprise fund is giving Charles Schwab $4.5 million in addition to $3.3 million in county property tax abatement for their move to Austin. In the coming ten years, the company will invest $210 million into the Austin area.

Schwab was attracted to Austin for the high caliber employees the city provides, as well as how central it is in the nation. Charles Schwab executives are excited to have a role at University of Texas at Austin and the Austin community.

In addition to the expansion in Austin, Schwab plans on employing 445 people in El Paso for a new operations center. For the move to El Paso, Charles Schwab will receive a $1.45 million state grant. The investment in the city is expected to be $21.5 million over the next ten years.

Combined, the projects will create more than 1,200 jobs and more than $230 million in capital investment in the state.