Charles Schwab to shrink footprint in San Francisco
Texas finance firm to lay off workers, vacate floors at its former hub and close branch
Charles Schwab, after moving its headquarters from San Francisco to Texas two years ago, continues to shrink its footprint in the city.
The financial services firm, which once leased a 17-story, 415,900-square-foot office building to house its former hub at 211 Main Street, is moving out of all but six floors, the San Francisco Business Times reported.
On Dec. 1, Schwab will also close its branch at 100 Post Street.
The move comes as the company cuts 2,000 jobs this week in conjunction with its merger with TD Ameritrade.
It also comes after Charles Schwab announced in August it expected to incur charges between $400 million and $500 million to shed real estate in San Francisco and other corporate offices across the country, as well as to cut jobs and expenses tied to professional services.
“We are downsizing the 211 Main Street location,” Schwab said in a statement. “We will continue to occupy six floors in the building for employees who work in the office, either in assigned or reservation-based workspaces.”
Schwab said last summer it aimed to “take certain steps to remove cost and complexity from our organization,” including “changes to our real estate footprint, streamlining our operating model and staffing reductions, largely in non-client-facing areas.”
The company said in July that just 1,100 employees worked in San Francisco, not including branch staff.
— Dana Bartholomew