Discount brokerage firm, Charles Schwab announced recently that it will merge with TD Ameritrade, another large brokerage. The combined company’s headquarters will be located in Westlake, in the Dallas-Fort Worth metroplex.
Schwab is currently headquartered in San Francisco. The company’s move to North Texas is not unique – as many companies continue to abandon California in favor of the Lone Star State.
Dallas Morning News business reporter Dom DiFurio has been covering the trend. He says other financial services firms have chosen the Westlake/Southlake area as home. One Dallas Morning News wag even coined the term “Y’all Street” to describe the money-focused growth in the area. DiFurio says the wealthy community of Westlake is a good fit for Schwab workers moving from northern California. The larger DFW area appeals to a variety of companies seeking a place to locate corporate headquarters.
“We hear this from companies time and time again,” DiFurio says “that Dallas-Fort Worth is uniquely positioned, not just in Texas, but in the United States, as a travel hub.”
DiFurio says companies also benefit from the large number of young people moving to North Texas.
“That workforce that is kind of pooling around the Dallas-Fort Worth area is really important to these companies, especially as in the last year, we’ve seen the labor markets tighten so much,” DiFurio says.
Written by Shelly Brisbin.