“These TEF investments in Schwab are the latest in a long line of expansions in El Paso and Austin that will create hundreds of jobs and opportunity for Texans,” Gov. Perry said.
The TEF is providing $1.45 million for the El Paso project, which will create 445 jobs and $21.5 million in capital investment over the next 10 years. Contingent upon finalization of a local incentive package, the $4.5 million TEF investment in the Austin project will create 823 jobs and $210 million in capital investment over the next 10 years.
“We are very pleased to be expanding our footprint in Texas,” said Joseph Martinetto, executive vice president and chief financial officer at Schwab. “We’ve already started the process of recruiting new talent, and we’re excited to become a part of the El Paso community, as we have in Austin where we already have approximately 1,000 employees.”
Schwab has won numerous accolades as a great place to work and extensive recognition for its military-friendly workplace and recruiting and onboarding practices. The company is hoping to employ a large number of transitioning service members and family members from neighboring Fort Bliss in El Paso, as well as other veterans in the surrounding area.
“We are very excited to welcome Schwab to the Border region,” Borderplex Alliance CEO Rolando Pablos said. “Schwab’s presence expands our region’s solid financial business services cluster by adding over 445 new jobs in our region.”
“I want to welcome The Charles Schwab Corporation to their new home here in El Paso. The City and all of our partners are committed to ensuring the success of our newest corporate partner,” El Paso Mayor Oscar Leeser said.
The Legislature created the TEF in 2003 and reauthorized funding in 2005, 2007, 2009, 2011 and 2013 to help ensure the growth of Texas businesses and create more jobs throughout the state. TEF projects must be approved by the governor, lieutenant governor and speaker of the House. The fund has since become one of the state’s most competitive tools to recruit and bolster business.