Schwab Leaves San Francisco for Texas • Hacker News Board

Re: Schwab Leaves San Francisco for Texas

#51

Post by hkmurakami » Sat, Nov 30, 2019, 5:00 PM UTC

jonas21 wrote: post #18

This is part of Schwab's merger with TD Ameritrade. Relevant bits from Schwab's FAQ [1]: Q: Where will the combined company be headquartered? A: As part of the integration process, the corporate headquarters of the combined companies will eventually relocate to Schwab’s new campus in Westlake, Texas. Both companies have a sizable presence in the Dallas-Fort Worth area. This will allow the firm to take advantage of th…

TD Ameritrade is headquartered in Omaha. The HQ location choice is not driven by existing Ameritrafe footprint, or by the merger itself. The FAQ is simply addressing what will be, not starting that there was a cause and effect because of the proposed merger. Also, Schwab was already reducing SF headcount for years.

Also, afaik the merger is still in the prices of regulatory review.

All this being said, the merger likely gives a tactical opportunity to move HQ out of state without triggering a governmental review of some kind by pairing it with the merger event.

Re: Schwab Leaves San Francisco for Texas

#52

Post by repsilat » Sat, Nov 30, 2019, 5:00 PM UTC

hkmurakami wrote: post #15

seanmccann wrote: post #13

> The company said Monday that “a small percentage of roles may move from San Francisco to Westlake over time, either through relocation or attrition. The vast majority of San Francisco-based roles, however, are not anticipated to be impacted by this decision. Schwab expects to continue hiring in San Francisco and retain a sizable corporate footprint in the city.” Doesn't sound like they are leaving San Francisco, ju…

They're moving HQ and refraining from growing headcount here in the future

Yeah. Also from TFA:

> Schwab says it plans to retain a “sizeable corporate footprint” in San Francisco, but the brokerage firm has slashed its workforce in the city by 90% since 2000 while expanding branches around the country.

It sounds like this is just a good opportunity to cross another bridge.

Re: Schwab Leaves San Francisco for Texas

#53

Post by Havoc » Sat, Nov 30, 2019, 5:00 PM UTC

Why were they even in SF at all?

I mean unless you're in the tech scene & need the valley synergies the trade off seems straight up bad

Re: Schwab Leaves San Francisco for Texas

#54

Post by bsagdiyev » Sat, Nov 30, 2019, 5:00 PM UTC

munin wrote: post #47

atlantacrackers wrote: post #38

Earlier quoted context omitted.

Have you ever visited? Talked to locals? You might be surprised how friendly people are IRL.

I lived in Dallas and it is the only place I've lived where people would scream homophobic slurs at me in the street. I wouldn't say I'd never move back, but the situation would have to be dire for me to consider it. Definitely cut your hair if you visit.

That's not unique to Texas, just assholes. I've seen it here in San Diego while walking through Hillcrest.

Re: Schwab Leaves San Francisco for Texas

#55

Post by corodra » Sat, Nov 30, 2019, 5:01 PM UTC

jimmaswell wrote: post #32

nthomas wrote: post #7

Welcome to the Lone Star State! Cheap real estate and friendly folks. And BBQ, metric tons of BBQ...

Friendly if you're the right political party and orientation, I hear.

Seriously, Texans in the cities may be redneck compared to the rest of the country, but holy fucking shit are they friendly as hell. If you suck in social situations, you will find plenty of extroverts that will gladly make you feel included in a group of strangers.

Re: Schwab Leaves San Francisco for Texas

#56

Post by rosybox » Sat, Nov 30, 2019, 5:01 PM UTC

demosthenes14 wrote: post #12

spectramax wrote: post #3

I just moved to the Bay Area and I have no good opinions about living here. It’s a 3 trillion dollar neighborhood that has broken infrastructure, an abysmal housing situation, crime through the roof, homeless people everywhere, traffic, outrageous costs and just generally an awful place to live. I don’t know about the business side, but from an employee standpoint, fuck the Bay Area. Oh, and my car got broken into tw…

Sometimes I wonder if there’s a funded campaign against the Bay Area online. Where do you live, and where did you come from? I just moved to SF and yes it has homeless people, traffic and is extremely expensive, but these are things that every other big city I’ve lived in has. The costs and homelessness are worse than Seattle or NYC but not to the point that it’s a reduction in my quality of life. To say you have “no…

Few agree with you, San Francisco is in a dire state. I work here and I walk past passed out people with needles in their arms, human feces littering the sidewalk, women with their toddlers on the street asking for money. BART stations smell like garbage. There is a homeless, mental health and drug crisis happening all at once condensed into a small geographical region. San Francisco still has some charm, but it's hard to appreciate these days.

Re: Schwab Leaves San Francisco for Texas

#57

Post by demosthenes14 » Sat, Nov 30, 2019, 5:04 PM UTC

ramphastidae wrote: post #40

demosthenes14 wrote: post #12

Earlier quoted context omitted.

Sometimes I wonder if there’s a funded campaign against the Bay Area online. Where do you live, and where did you come from? I just moved to SF and yes it has homeless people, traffic and is extremely expensive, but these are things that every other big city I’ve lived in has. The costs and homelessness are worse than Seattle or NYC but not to the point that it’s a reduction in my quality of life. To say you have “no…

You simply haven’t lived here long enough. It’s crazy that you would dismiss a crisis that has been documented and growing for years as an online misinformation campaign because your few months here don’t align with what you’ve read.

I'm not dismissing the crisis- it's a separate conversation that can be had for SF, LA and Seattle. My call out is for this confusing picture painted online that the Bay Area is a crime ridden wasteland that should be avoided at all costs, which simply isn't the case.

Re: Schwab Leaves San Francisco for Texas

#58

Post by skybrian » Sat, Nov 30, 2019, 5:05 PM UTC

This is better both for San Francisco and Texas, from a load-balancing perspective. Unless housing can catch up, large companies shouldn't be expanding in San Francisco.

Re: Schwab Leaves San Francisco for Texas

#59

Post by selimthegrim » Sat, Nov 30, 2019, 5:05 PM UTC

scurvy wrote: post #50

Hydraulix989 wrote: post #31

Earlier quoted context omitted.

Even though there is not much organized crime and no longer the same level of gang activity as 10 years ago, as a matter of policy, SF tends to either not convict or give lighter sentences to your everyday crime like shoplifting and breaking car windows though. The consequence is that there is a lot of broken glass on the street. I'm originally from a much rougher part of the US than SF. Walking on the street here at…

I'm from New Orleans and will take all of the broken glass and addicts over NOLA's violent crime. It's not even a close comparison.

You live in the Bay Area now? I've never had any problems in NOLA short of a close call to a home invasion at a acquaintance's five years ago (who was involved in things he shouldn't have been)

Re: Schwab Leaves San Francisco for Texas

#60

Post by hourislate » Sat, Nov 30, 2019, 5:05 PM UTC

seanmccann wrote: post #13

> The company said Monday that “a small percentage of roles may move from San Francisco to Westlake over time, either through relocation or attrition. The vast majority of San Francisco-based roles, however, are not anticipated to be impacted by this decision. Schwab expects to continue hiring in San Francisco and retain a sizable corporate footprint in the city.” Doesn't sound like they are leaving San Francisco, ju…

From what I have read in the Local News, it is just the first phase. I am assuming they will eventually move entirely but don't want to spook their existing workforce in SF.