SF-Based Charles Schwab To Create 1,200 Jobs In Texas After Getting Incentive Package

EL PASO (CBS/AP) – Charles Schwab Corp. is getting nearly $6 million in incentives from Texas to open an El Paso operations center and increase its presence in Austin, creating more than 1,200 jobs.

Gov. Rick Perry announced Thursday that the financial services company’s Austin expansion will create 823 jobs and should generate $210 million in capital investment over the next decade.

The governor’s signature Texas Enterprise Fund offered $4.5 million to seal the deal.

San Francisco-based Charles Schwab’s El Paso operations should generate 445 jobs and $21.5 million in capital investment over 10 years, in exchange for $1.45 million in state funds.

The fund attracts top job-creators to Texas. Some legislators have worried about a lack of transparency, but Perry says it’s invested nearly $560 million and generated 75,000 jobs since 2003.

© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

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