Quote:
Originally Posted by Crawford
They aren't relocating. They're just using the Westlake office as the official HQ post-merger. But almost no one is moving. The SF office remains.
And it makes sense for Schwab to grow in TX prairie as opposed to downtown SF. Schwab is a trading platform, like Vanguard (which is, not coincidentally, located in an exurban office park, and not Wall Street). These aren't super high pay/high skill jobs. They don't need to be paying $150 psf in some hyper-inflated tech bubble. I wouldn't waste any time growing a company in downtown SF if it weren't purely tech-focused or provided support for such firms (law/consulting/VC).
SF has the lowest unemployment in the country. They have too many jobs, and not enough people. It would probably be better for the region if Schwab left, but that isn't happening. That whole region needs to cool off a bit, and slowly depressurize, or there's gonna be another epic bust.
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That's what they said about McKesson and then McKesson started moving people out of SF.
This acquisition will take 12-36 months.
I 100% guarantee you that jobs will move when the HQ is relocated from SF to DFW.