Charles Schwab is leaving San Francisco for Dallas. It feels like the beginning of an exodus of corporations out of high-cost, high-hassle California. From Tyler Durden at zerohedge.com:
Charles Schwab’s $26 billion deal to acquire TD Ameritrade will result in the relocation of its San Francisco-based headquarters to Dallas-Fort Worth, reported The Wall Street Journal.
Schwab gave no timeframe on the transition to Westlake, a suburb of Dallas-Fort Worth, Texas. The region is considered one of the fastest-growing financial hubs in the country at the moment. The merger is expected to be completed in 2H20 and could take 12 to 36 months to integrate both firms completely.
Schwab’s new Dallas-Fort Worth campus will cost around $100 million, covers 70 acres with 500,000 square feet of office space.