SAN FRANCISCO (CBS SF) — Charles Schwab is preparing to move thousands of jobs out of the Bay Area, blaming the high cost of doing business.

Representatives for the company say San Francisco will remain its corporate headquarters, but it will be moving about half of its Bay Area workforce, likely out of state, affecting  thousands of workers.

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Over a thousand jobs will be cut from the San Francisco office over the next three to five years, according to the company.

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Texas and Colorado are among the possible destinations, prompting Texas Governor Rick Perry to gloat via Twitter: