Charles Schwab is "repositioning" its Portland, Oregon, footprint to better serve clients in the area and will close the downtown location and open a branch in the nearby Slabtown neighborhood and in the suburb of Lake Oswego, a Schwab spokesperson told ThinkAdvisor on Friday in an email.
These two new branches will "complement our existing branch in the Portland suburb of Beaverton," the spokesperson said.
The repositioning supports Schwab's "strategy to expand our branch footprint in high growth markets across the U.S. to increase capacity and optimize real estate," and Oregon is a state where Schwab is "seeing an increased number of clients that want to access in-person support," the spokesperson added.
Schwab recently opened a branch in Bend, Oregon, as well "to support and we have a location in Salem. We're also making changes nearby in Washington as we recently expanded our Vancouver branch to add capacity," the spokesperson told ThinkAdvisor.
Schwab has nearly 400 branches across the United States, and all offer one-on-one support from financial consultants.
In September, Schwab announced a significant branch network expansion to serve its growing retail client base, with plans to add 16 offices and hire over 400 people for new branch-related roles, including financial and wealth consultants.
After adding the new branches to those it already operates and expanding or relocating 25 existing offices, Schwab said it will operate over 40 new locations across the United States. The company has opened several new branches already.
Five new branches and one relocated branch are in Florida, with new offices in Palm Beach Gardens, Aventura and Marco Island.
In California, Schwab plans to add three branches in Monarch Beach and Manhattan Beach in Southern California and in San Francisco's Mission Bay, and to relocate or expand six other offices. Schwab also is adding two locations in greater Austin.
(Credit: Diego M. Radzinschi/ALM)
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.