DENVER—The state plans to spend up to $1 million or more to help Charles Schwab bring 500 new jobs to Colorado as part of a public-private economic development venture backed by Gov. Bill Ritter.
Ritter said Thursday that the state has about $3.5 million a year set aside from gaming revenues, overseen by a committee, that can reward companies based on job creation and retention.
“Over the past few months, Colorado has been somewhat buffered from the global economic crisis. We remain in better shape than most states, and I’m pleased the Charles Schwab Corp. will be increasing its presence in Colorado by adding hundreds of new jobs to one of the best-educated work forces in the country,” Ritter said during a news conference at the Capitol.
Sherri Kroonenberg, senior vice president of Schwab Investor Services, said the company cut an unknown number of jobs in Colorado over the past few months as part of a nationwide restructuring, but she said the new jobs that will replace them will be high-paying technology jobs.
“We’ve taken a thoughtful approach in the planning process, and the proposals we received were very competitive, but the fantastic support from Gov. Ritter, Director of Economic Development Don Elliman and everyone involved in the state’s economic development operations enabled us to reach our decision very quickly,” Kroonenberg said at an announcement ceremony touting the agreement.
Schwab said it plans to invest $2.7 million to furnish a new leased facility in Douglas County.
Elliman said Schwab still has 1,300 employees in Colorado and the financial services sector is still important, despite the recent economic upheavals in the industry.
Schwab says it intends to phase in the new jobs over three years starting in midyear. The positions will include technology jobs and managers, with average salaries of about $75,000.
