Both firms have significant locations in North Texas already, but Charles Schwab’s current headquarters are in San Francisco.
In moving the headquarters to Texas, Schwab hopes 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.”
Schwab already has over 2100 employees in Texas, including a large employment center in Austin.
The integration of the two large investment firms is expected to take between 18 and 36 months, according to Charles Schwab. Schwab has over 12.1 million active brokerage accounts and TD Ameritrade has about 12 million client accounts.
Schwab is already constructing a large operations center on 70 acres in Westlake that can house thousands of employees. Additionally, TD Ameritrade opened a large operations center in the same vicinity in December 2017.
Westlake Mayor Laura Wheat is happy to welcome the relocation of the Charles Schwab headquarters to Westlake.
“The Charles Schwab Corporation has already demonstrated to us that it is a wonderful corporate partner, and I suspect that the opportunities to work together will only grow as Phase Two of construction is completed and the company’s headquarters begins its move here.”
When asked about any tax abatements or other benefits provided to Schwab to incentivize its move to Westlake, the mayor said there were none given.
“I like to think, however, that the Town’s stewardship of our relationship with Schwab through the construction of Phase One of the Company’s regional headquarters here convinced Schwab that Westlake would be a great place to call home.”
Charles Schwab received a $6 million grant from the Texas Enterprise Fund in 2016 for its regional campus in Westlake.
State Senator Kelly Hancock (R-North Richland Hills) sees the Schwab decision as a further indication that Texas is leading the nation.
“With national jobs data breaking records this week, Texas continues to lead the way. We’re glad to welcome another Fortune 500 company into our strong economy thanks in large part to a business-friendly regulatory climate and the abundant resources that make North Texas a great place to live and work.”
Rep. Giovanni Capriglione (R-Southlake) declined to comment on this story when The Texan reached out to him.
Disclosure: Unlike almost every other media outlet, The Texan is not beholden to any special interests, does not apply for any type of state or federal funding, and relies exclusively on its readers for financial support. If you’d like to become one of the people we’re financially accountable to, click here to subscribe.
Kim Roberts is a reporter for the Texan in the DFW metroplex area where she has lived for over twenty years. She has a Juris Doctor from Baylor University Law School and a Bachelor's in government from Angelo State University. In her free time, Kim home schools her daughter and coaches high school extemporaneous speaking and apologetics. She has been happily married to her husband for 23 years, has three wonderful children, and two dogs.