Charles Schwab, one of the nation’s largest financial services company, is planning an expansion in Austin that will create about 450 jobs, the company said Wednesday.
The new roles will span functions across Schwab and TD Ameritrade, including positions in software development and engineering as well as in client service and support.
Founded in 1971 in San Francisco, Schwab offers banking services, an electronic trading platform and wealth management advisory services to consumer and institutional clients. The company is now headquartered in the Dallas suburb of Westlake.
In 2018, Schwab opened a 50-acre campus on Gracy Farms Lane, near the Domain in North Austin. It currently has about 2,750 employees in the Austin area.
“We expect our teams in Austin to play a key role as we work to live up to Schwab’s ‘no trade-offs’ approach to serving our clients,” Dennis Howard, Schwab chief information officer, said in a written statement. “Austin’s reputation as a hub for tech talent is well deserved, and, at their foundation, our open technology roles here are grounded in developing the digital experience and tools that help our clients achieve their goals.”
Schwab has been in growth mode in 2021. The company said its core net new assets reached a record $257 billion for the first half of the year. That’s more than double the results achieved during the same time a year ago.
During the same period, clients opened 4.8 million new brokerage accounts, representing the company’s second and third consecutive quarters in excess of 1 million new accounts.
As business surged, the company added 1,500 client service professionals in the first half of the year. In addition to its Austin expansion, Schwab is hiring across its other hubs, including in Dallas-Fort Worth, Omaha, San Francisco, Phoenix and Chicago.
Last month, the company announced a 5% pay increase for employees. The company said the pay increase was “in recognition of their unwavering service to clients and each other throughout the pandemic.”
“Our teams’ focus and dedication have resulted in outstanding results for our clients and growth for the company,” Walt Bettinger, CEO of Schwab, said at the time. “This increase is a way to reward our talented employees for their contributions and their relentless commitment to see the world through clients’ eyes, even during the most challenging times.”
Schwab is among a number of large corporations that are expanding in Austin. Software giant Oracle Corp. announced in December that it was moving its headquarters from Silicon Valley to Austin and is adding jobs here.
Meanwhile, Apple, which already employs thousands in Austin at its Parmer Lane campus, is building a $1 billion campus in North Austin. The 133-acre site initially will have 5,000 employees in positions including engineering, research and development, operations, finance, sales and customer support jobs.
Tech giants including Amazon, Facebook and Google are also continuing to add jobs in Austin, as they tap into the tech talent pool as well as recruit recent graduates from schools including the University of Texas and Texas State University.