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Charles Schwab may move jobs from California to Indiana

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Charles Schwab Corp. said Thursday it is planning to move about 1,000 jobs out of San Francisco over the next three to five years.

The San Francisco-based banking and brokerage company has more than 13,000 employees, including about 2,700 in the Bay Area.

It is moving the jobs out of San Francisco because of the high cost of doing business and the high cost of living in the Bay Area, spokeswoman Sarah Bulgatz said. But, she added, "We intend to keep our corporate headquarters in San Francisco for the foreseeable future."

She said no final decision has been made about which jobs will be moved or where they will go, though locations in Arizona, Colorado, Florida, Indiana and Texas are possibilities. Schwab's major operations in Indiana are in Indianapolis, where it has hundreds of employees.

According to market data from Paragon Real Estate Group, a San Francisco-based real estate company, the median home sales price in the city in August was $870,000, and the average rent for a two-bedroom apartment in San Francisco, Marin and San Mateo counties was $2,697 a month.

Bulgatz said the company also has had difficulty recruiting in the Bay Area because of the intense competition for top talent.

 

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  • Response to GM
    You do realize that the major cities in Texas, Arizona, and Florida all have mass transit? Indiana does not, except for NWI which attracts some jobs from Illinois as someone else mentioned.
  • Carmel-bound
    Oh, sure they'll subsidize this, no problem, but they'll push for it to go to Carmel. They just gave LIDS $4 million dollars to re-locate to Zionsville from Indianapolis. Review some of the other recent corporate and government moves this past year and you begin discern a pattern forming.
  • Landlocked?
    We aren't landlocked Mike T. The Ports of Indiana ranks 7th or 8th largest inland ports and one of the fastest growing. However, there is that backwater perception we can't seem to kick. And as more keep trying to kick it and keep getting knocked down; well they just start to leave. (i.e.recently proposed legislation)
  • wrong
    Yes, GM, and all those Facebook, Apple, Yelp, Twitter, etc etc are jobs being CREATED (along with thousands of millionaires) are all in "Blue" states. Of course certain industries will move non-critical jobs to lower cost environments (remember supply=demand as you consider that). But I think CA is OK with Indiana getting the call center jobs. Meanwhile our state legislature is trying to pass a constitutional amendment which would harm the attraction of talented workers.
  • Also Skeptical
    Despite, Indiana's comparatively low taxes and favorable business environment, how many jobs have we actually attracted from other states? There seems to have been some from Illinois, mostly moving just across the border to NW Indiana, but it's not like it's been a critical mass. Our handicap has always been the reality or perception that Indiana's a land-locked backwater. It could be a no-tax, no regulation climate here and that would still be the case.
  • Skeptical
    While this would be great for the state, I am skeptical that they would actually move here. Regardless, I am hoping they do!
  • Response to GM
    I guess according to GM's logic above everyone should be relocating here. Unfortunately, that is not the case. That is the nonsense are leaders shove down our throats, because we do not make livable wages in this state for the most part. Keep drinking the kool aid GM!
  • Yet more jobs leaving blue states
    It doesn't take mass transit boondoggles to attract business. Job growth occurs in states with low taxes and lower costs of living. It's no wonder so many jobs are being moved out of expensive California to states like Texas, Florida, Arizona and Indiana.
  • Wanna Bet
    I wonder how many of our tax dollars will be used to bribe, er convince, er fool them into thinking that Indiana is promised land?

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