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Schwab's headquarters shift to Texas amid TD Ameritrade merger seems to please nobody -- outside the Dallas Chamber of Commerce--Omaha feels especially omitted

Paper benefits -- no income tax, low corporate taxes, cheap labor, cheap space -- abound, but no Schwab, TD or USAA execs are committing to working there

Author By Lisa Shidler November 28, 2019 at 4:56 AM
4 Comments
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Pristine, spacious, cheap and sterile, Schwab now has a Silicon Valley-style super-campus but it's not in San Francisco, Omaha or San Antonio.

TD Ameritrade

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Charles Schwab & Co.


JC

JC

November 28, 2019 — 7:49 PM
Thankful for this website on Thanksgiving.!
Ian MacKenzie

Ian MacKenzie

November 29, 2019 — 9:50 PM
It had to happen eventually. Even a San Francisco native like Chuck can only put up with the crazy and the outrageous costs of the People's Republic for so long. If they would just get rid of the excrement on the streets and the needles, companies like Schwab would stay. But they won't--the local politicians have gone insane. I am one of many people I know that, when we were looking for a new gig, said, anyplace but California and really, really, really, anyplace but San Francisco. Yeah, we didn't matter, because we were middling execs--you know, the people who actually run companies.
Alan Chaillet

Alan Chaillet

November 30, 2019 — 8:38 PM
I laugh when I read these type of articles, as I see cars with California and Illinois license plates daily around the Dallas/Fort Worth area - and increasingly more from New York; and meet folks, including C-suite executives, who have followed their companies' moves from California to Texas. The writer has a case of snobbish sour grapes. In addition to no state income tax and wide open spaces Dallas was named the 2019 restaurant city of the year by none other than Bon Appetit so we are also stealing some of the cultural thunder from the cities of the past such as NY and Chicago.
Brooke Southall

Brooke Southall

November 30, 2019 — 8:58 PM
Thank you, kindly, JC. You both make me chuckle, Ian and Alan, mostly in concord. I happen to like it here in the Bay area. But it's a healthy free market system that is drawing people to Texas and keeping California from being any more overpriced and crowded than it is. Still, it's notable that Schwab is saying it is moving to Texas and also saying that few, if any, of its San Francisco-based people, including c-suiters, will make the move. It seems like something's gotta give, or be clarified.

Related Moves

December 20, 2023 at 1:52 AM

Robinhood gets 'brilliant' upper manager -- and a spare CEO -- by nabbing TD Ameritrade's ex-thinkorswim top exec, hopefully to throw a lifesaver to Robinhood's sinking stock

The Menlo Park, Calif., firm nabbed Steve Quirk as first-ever chief brokerage officer to 'bridge the gap between academia and reality.'

January 6, 2022 at 10:33 PM

Oisín's snippets: Charles Schwab brand goes up on Omaha's TD Ameritrade stadium, home of college baseball world series • Interactive Brokers lands an RIA custody insider, Charlie Latimer, to climb the custodian ladder

The TDA brand lives on until the techies figure out how to make two systems into one, but change is in the air in Omaha, while Interactive Brokers gets a leg up in the custody business with a new hire.

December 27, 2021 at 9:58 PM

Goldman Sachs nabs TD Ameritrade's Darla Sipolt for RIA custody; Kate Healy, Jim Dario and Peter Dorsey are among 1,000 staffers cut by Schwab post TD merger

Included in the wholesale reduction of the Omaha, Neb.-based broker's redundant talent, about 40% of TD Ameritrade's marketing staff also got word today they have no future with their San Francisco-based owner

October 27, 2020 at 1:20 AM

See more related moves

Mentioned in this article:

TD Ameritrade
Asset Custodian
Top Executive: Tom Nally



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