Gov. Rick Perry has announced two Texas Enterprise Fund (TEF) investments in The Charles Schwab Corporation, which is opening a new operations center in El Paso and strengthening its presence in Austin. Combined, the projects will create more than 1,200 jobs and more than $230 million in capital investment in the state.
"Texas has focused on creating an economic climate that grows all industries, from high tech to energy to financial services, through our combination of low taxes, smart regulations, fair courts and skilled workforce," Gov. Perry said. "These TEF investments in Schwab are the latest in a long line of expansions in El Paso and Austin that will create hundreds of jobs and opportunity for Texans."
The TEF is providing $1.45 million for the El Paso project, which will create 445 jobs and $21.5 million in capital investment over the next ten years. Contingent upon finalization of a local incentive package, the $4.5 million TEF investment in the Austin project will create 823 jobs and $210 million in capital investment over the next ten years.
"We are very pleased to be expanding our footprint in Texas," said Joseph Martinetto, executive vice president and chief financial officer at Schwab. "We've already started the process of recruiting new talent, and we're excited to become a part of the El Paso community, as we have in Austin where we already have approximately 1,000 employees."
El Paso will represent the newest major employment center for Schwab, joining San Francisco (corporate headquarters), Denver, Phoenix, Indianapolis, Richfield, Chicago, Orlando and Austin as cities that have significant numbers of Schwab employees. The company also has approximately 320 retail branch offices across the U.S.
Schwab has won numerous accolades as a great place to work and extensive recognition for its military-friendly workplace and recruiting and onboarding practices. The company is hoping to employ a large number of transitioning service members and family members from neighboring Fort Bliss in El Paso, as well as other veterans in the surrounding area. Job-seekers who would like more information about working at Schwab or who wish to submit an application can visit www.aboutschwab.com/careers.
"We are very excited to welcome Schwab to the Border region," Borderplex Alliance CEO Rolando Pablos said. "Schwab's presence expands our region's solid financial business services cluster by adding over 445 new jobs in our region. I want to thank Gov. Perry and Mayor Leeser for their continued commitment to bringing high quality jobs to the area."
"I want to welcome The Charles Schwab Corporation to their new home here in El Paso. The City and all of our partners are committed to ensuring the success of our newest corporate partner," El Paso Mayor Oscar Leeser said. "I would like to personally thank the Chairman of the Board, Mr. Charles Schwab, and the company President and CEO, Mr. Walter Bettinger, for their trust in our community and for their willingness to expand their company within our community. Today's announcement of 445 jobs is proof that El Paso is open for business and our community is ready to be a part of the Charles Schwab family."
The Legislature created the TEF in 2003 and reauthorized funding in 2005, 2007, 2009, 2011 and 2013 to help ensure the growth of Texas businesses and create more jobs throughout the state. TEF projects must be approved by the governor, lieutenant governor and speaker of the House. The fund has since become one of the state's most competitive tools to recruit and bolster business.
To date, the TEF has invested nearly $560 million and closed the deal on projects generating 75,000 jobs and nearly $24 billion in capital investment in the state.