Schwab to move headquarters in downtown SF

Schwab to move headquarters in downtown S.F.

Charles Schwab Corp. plans to vacate its San Francisco headquarters and consolidate operations at two downtown buildings, making good on a promise earlier this year to jettison unnecessary real estate as part of a broad strategy to cut expenses. During an investor conference call in late January, the independent brokerage company said revenue for the year could decline as much as 20 percent, as low interest rates undercut its ability to charge management fees, and stock and housing markets flounder. Schwab laid out a series of planned steps to reduce costs, including eliminating 500 to 600 employees and unloading certain real estate. "We are going to move some of our efforts around ... our geographic strategy, consolidating operations, operating under a leaner, more efficient footprint," Chief Executive Officer Walter Bettinger said on the call.