San Francisco often comes up short when major companies decide where to locate their headquarters and it’s happened again: Union Bank’s parent is moving its headquarters to New York from San Francisco as it pursues its national banking ambitions.
Last week, the San Francisco Business Journal reported that Charles Schwab SCHW +0.34% is planning on moving “a significant number of San Francisco-based jobs” out of the state over the next three to five years. Charles Schwab’s San Francisco roots date back to its founding four decades ago, with the firm ranking as the 47th-largest employer in the Bay Area. The company employs almost 2,700 people in the region, and has a company-wide workforce of 13,600. Observers close to the situation blame the city’s extreme payroll tax and high cost of doing business in California as the reasons for the company’s exodus.
Bank of America Corp. is slashing 1,200 jobs in its mortgage division as the company’s refinancing business slows amid rising interest rates.
Sacramento, Calif. – Executive director of the California Infrastructure and Economic Development Bank (I-Bank) Teveia Barnes announced today that Governor Brown has signed legislation to expand the I-Bank and increase small business lending in California.