IBJNews

Charles Schwab may move jobs from California to Indiana

Back to TopCommentsE-mailPrintBookmark and Share

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.

 

ADVERTISEMENT

  • 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?

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. I am also a "vet" of several Cirque shows and this one left me flat. It didn't have the amount of acrobatic stunts as the others that I have seen. I am still glad that I went to it and look forward to the next one but I put Varekai as my least favorite.

  2. Looking at the two companies - in spite of their relative size to one another -- Ricker's image is (by all accounts) pretty solid and reputable. Their locations are clean, employees are friendly and the products they offer are reasonably priced. By contrast, BP locations are all over the place and their reputation is poor, especially when you consider this is the same "company" whose disastrous oil spill and their response was nothing short of irresponsible should tell you a lot. The fact you also have people who are experienced in franchising saying their system/strategy is flawed is a good indication that another "spill" has occurred and it's the AM-PM/Ricker's customers/company that are having to deal with it.

  3. Daniel Lilly - Glad to hear about your points and miles. Enjoy Wisconsin and Illinois. You don't care one whit about financial discipline, which is why you will blast the "GOP". Classic liberalism.

  4. Isn't the real reason the terrain? The planners under-estimated the undulating terrain, sink holes, karst features, etc. This portion of the route was flawed from the beginning.

  5. You thought no Indy was bad, how's no fans working out for you? THe IRl No direct competition and still no fans. Hey George Family, spend another billion dollars, that will fix it.

ADVERTISEMENT