BankTown Banking & Finance News

[atlrvr]

AIG downsized HQ by 300k sq ft as part of that new lease.

[SydneyCarton]

1 hour ago, atlrvr said:

AIG downsized HQ by 300k sq ft as part of that new lease.

They also signed new leases in JC and Wall St.

More importantly, if Charlotte can get thousands of lawyers, accountants, marketing, tech, and HR personnel from Wells, Chase, AIG, etc. it would be a coup even if the HQ is elsewhere.

I’m very confident that Chase will establish a very large operation in Charlotte.  Charlotte is better suited than any other city that might attract these workers (e.g.,  DFW, Jacksonville,  SLC, or Columbus), and it offers a much better QoL than those cities do.

 

 

Edited July 30, 2020 by SydneyCarton

[Madison Parkitect]

20 hours ago, SydneyCarton said:

They also signed new leases in JC and Wall St.

More importantly, if Charlotte can get thousands of lawyers, accountants, marketing, tech, and HR personnel from Wells, Chase, AIG, etc. it would be a coup even if the HQ is elsewhere.

I’m very confident that Chase will establish a very large operation in Charlotte.  Charlotte is better suited than any other city that might attract these workers (e.g.,  DFW, Jacksonville,  SLC, or Columbus), and it offers a much better QoL than those cities do.

 

 

It's definitely much better for Charlotte to get a lot of jobs paying in the low-$100k range than a few jobs paying in the mid $10MM range. New York City, especially Manhattan, is turning into a city for millionaires and billionaires only, and we don't want Charlotte to become that.

[DMann]

unless we are one!!!!!

[KJHburg]

First time I have seen the Wells name on their new 350,000 sq ft office at 300 S Brevard.  

On 7/31/2020 at 10:15 AM, DMann said:

unless we are one!!!!!

how do you not know they are some millionaires on this UP board now?  I would bet you a dozen doughnuts we have a couple. 

[Blue_Devil]

Wells Fargo CCO is retiring, his replacement is based in NYC. 

[SydneyCarton]

Forget Wells.  I want Charlotte to lure hedge funds and PE and VC firms from New York.  That's where the money is.  Ken Griffin's firm is paying $300 per square foot for offices in a new hyper-lavish new building  that's rising on Park Avenue, and he bought a $250m penthouse at 220 CPS.  Blackstone also is seeking a 1m square foot new HQ tower at 350 Park.

When Charlotte starts enticing those firms to relocate from NY and London, the money will start pouring in at unprecedented levels, and those supersonic flights from Charlotte to London will become a reality.  Charlotte-Douglas might even knock off Teterboro for the title of the most private jet traffic in the world.

In addition to luring these firms from NY, Charlotte should also target London, whose importance has plunged with Brexit, and from Hong Kong, which has obvious problems.  It's entirely possible that Charlotte will emerge as the global financial center within a decade.  
 

Charlotte should start by inducing David Tepper to move his HQ  from Short Hills, New Jersey to the QC and then have him lead the pitch to other hedge fund managers to come.  (Appaloosa is based out of the posh NJ suburb of Short Hills.  Only Tepper himself operates out of Miami -- until the whole firm moves lock, stock, and barrell to the QC.)

Edited August 14, 2020 by SydneyCarton

[KJHburg]

I wish they would keep their Wells Fargo Museum open especially here in Charlotte.   Keeping the one open in San Fran that is crazy.  

From the Biz Journal

""Wells Fargo & Co. (NYSE: WFC) is closing its uptown Charlotte museum after nearly a decade.

The 6,000-square-foot museum, at 401 S. Tryon St., is one of 12 companywide. The Charlotte location was temporarily closed in mid-March due to Covid-19. Regular hours were Tuesday through Saturday from 9 a.m. to 5 p.m. The bank did not have visitor numbers to share.  Wells Fargo is permanently shuttering all of its museums except for the one in San Francisco, its headquarters city.

"After evaluating our business and community strategies, we have decided to consolidate the program to focus on our San Francisco museum location and close the remaining 11 museum locations over the next 12 months," Wells Fargo said in a statement to the Charlotte Business Journal.  The bank said the decision was not related to its recent cost-cutting efforts, in which CEO Charles Scharf plans to shave off at least $10 billion in annual expenses. The decision was more about brand evolution, according to a report from The Wall Street Journal, which first published the news.  The local Wells Fargo museum was a nod to Wachovia history. Wells Fargo acquired Charlotte's former Wachovia in a deal valued at $15 billion in 2008. The museum included a model of the first Wachovia branch from 1879 and the original desk used by its former CEOs.""

as a customer and someone who knows many employees I think this is a bad decision for this employment base.  and I will let them know too. 

[Matthew.Brendan]

They just opened the museum in Portland at the beginning of this year. Oof. 

[KJHburg]

5 minutes ago, Matthew.Brendan said:

They just opened the museum in Portland at the beginning of this year. Oof. 

I understand closing Portland and some of the other locations but Charlotte the largest employment hub of the bank!

Edited September 3, 2020 by KJHburg

[atlrvr]

Just guessing, but this is first step in an eventual name change.

Bestest Bank!

[CharlotteWkndBuzz]

To be honest, I’m excited about the possibilities of what can take it’s place. I never really saw that many ppl and if I recall it was free.  It was a cool museum, however, it was a one and done for me personally.  Think it would be cool if they scattered the museum pieces amongst their towers uptown and created interactive lobbies or something. But that retail fronting Tryon in that area is prime and is craving to be open past 5pm. 

Edited September 3, 2020 by CharlotteWkndBuzz

[CLT2014]

A Wells Fargo Museum summary:

"A bank was failing, screwing people over, and had no plan so it got acquired by a different bank that then was failing and screwing people over, so they got bought by another one, that then got bought by another one that wasn't even failing, but they still decided to screw people over just for the hell of it."

Edited September 3, 2020 by CLT2014

[KJHburg]

both of Charlotte's major banks have had their problems it is interesting how quickly people forgot about Bank of America and Countrywide.  I bank at both and at times I have mad at both of them but they have given me loans when others would not without many more fees.

as for the museum they Wells Fargo own the building 3 Wells Fargo and I think the exhibits are important to children to learn about banking and money.

[SydneyCarton]

Since Barclays seeks new office space, Governor Cooper should entice them to move their HQ to the QC.   Massive tax incentives, dramatically cheaper office space,  the ability to pay substantially lower salaries to its workers, and a better QoL for them might lure Barclays to the QC.  Even if the CEO and the other top twenty or so execs wanted to stay in NY, the other 8,000 could come to the QC. A new 800’ tower Uptown would be marvelous.

https://www.bloomberg.com/news/articles/2020-09-09/barclays-explores-moving-u-s-headquarters-to-nyc-s-hudson-yards

Edited September 11, 2020 by SydneyCarton

[RANYC]

11 hours ago, SydneyCarton said:

Since Barclays seeks new office space, Governor Cooper should entice them to move their HQ to the QC.   Massive tax incentives, dramatically cheaper office space,  the ability to pay substantially lower salaries to its workers, and a better QoL for them might lure Barclays to the QC.  Even if the CEO and the other top twenty or so execs wanted to stay in NY, the other 8,000 could come to the QC. A new 800’ tower Uptown would be marvelous.

https://www.bloomberg.com/news/articles/2020-09-09/barclays-explores-moving-u-s-headquarters-to-nyc-s-hudson-yards

I suppose there are numerous examples of this economic development approach working in the short-term, but I've never been comfortable with a city that on one hand aspires to be world-class, also pitching a relocation because a company can spend less and pay less. 

I lived in NYC for 14 years, and while I was ready for a change (at least for a bit) just before moving to Charlotte, I loved living there as long as I did, and loved what living there did for my career prospects and for my professional network, as well as for my sense of cultural awareness and social engagement.  There's a certain magic to NYC, a magic long-cultivated, which has made it one of the most sought-after places in the world for international strategy, deal-making, and influence. 

Charlotte should invest in developing and promoting its own magic, and then exporting that magic to the World.  I know this is an unpopular belief, and that we'll continue to petition companies with our bargain sales and tax passes, in the hopes that we'll land them and they won't be enticed to some other lower-cost place once they've milked us dry, but it is my view that long-term competitive advantage rests on investing in the inventiveness and innovation of local talent, and giving them tools and a roadmap to export and to scale their indispensable specialties and brilliance to an entire planet of consumers.

[elrodvt]

Exactly, being a cost center is what leads us to such mediocrity. Growth for the sake of growth is a zero sum game.

[KJHburg]

the financial firms and banks in the US operate in a global environment and so yes cost of doing business is very applicable.  NY and now even NJ want to raise taxes on everything including stock trades now and there are safety concerns on the streets in NYC now.  Financial jobs just like tech jobs are spreading throughout the country and a lot of innovation can and does happen outside of NYC and Silicon Valley.     Check out the Charlotte Tech news thread. 

New stock trading taxes proposed in NJ

https://www.nj.com/politics/2020/09/nyse-ready-to-nj-if-state-imposes-tax-on-stock-trades-report-says.html

https://finance.yahoo.com/news/trading-powerhouses-join-exchanges-fighting-165906308.html

Charlotte did not become #2 largest banking center in the country by not being innovative and dealmakers.  

[kermit]

11 hours ago, KJHburg said:

... and there are safety concerns on the streets in NYC now. 

Can you elaborate on these concerns?

[SydneyCarton]

13 hours ago, KJHburg said:

the financial firms and banks in the US operate in a global environment and so yes cost of doing business is very applicable.  NY and now even NJ want to raise taxes on everything including stock trades now and there are safety concerns on the streets in NYC now.  Financial jobs just like tech jobs are spreading throughout the country and a lot of innovation can and does happen outside of NYC and Silicon Valley.     Check out the Charlotte Tech news thread. 

New stock trading taxes proposed in NJ

https://www.nj.com/politics/2020/09/nyse-ready-to-nj-if-state-imposes-tax-on-stock-trades-report-says.html

https://finance.yahoo.com/news/trading-powerhouses-join-exchanges-fighting-165906308.html

Charlotte did not become #2 largest banking center in the country by not being innovative and dealmakers.  

My firm’s main office is in Manhattan, and there are no safety concerns.  NY has been spared from the rioting that hit some other big cities.   Raleigh had some disgusting rioting, but The free for all in Chicago was the worst that I’ve seen.  
 

Anyway, I think that Charlotte is well-poised to significantly grow its business community.

Edited September 12, 2020 by SydneyCarton

[atlrvr]

3 hours ago, kermit said:

Can you elaborate on these concerns?

https://www.google.com/amp/s/amp.ft.com/content/a444b43e-ba40-48b5-a064-fa51c591cc32

 

Financial Times article, a source hardly known for fear mongering.

[SydneyCarton]

58 minutes ago, atlrvr said:

https://www.google.com/amp/s/amp.ft.com/content/a444b43e-ba40-48b5-a064-fa51c591cc32

 

Financial Times article, a source hardly known for fear mongering.

Honestly, the FT  feels huge competition with New York because London viewed itself as a competitor for the  crown of global financial hub.    No one seriously asserts that now, as London's status as a top financial center has plunged.

Moreover, crime has risen in NY, as it has in every major city because the cops feel themselves under threat and are taking a laissez faire approach.  NY is still the safest large city in America by a very significant margin and when this all blows over, crime will plunge again to the pre-Floyd levels when cops were respected and not vilified.  That being said, I expect two scenarios for potential, uber-violent, nation-wide urban riots: (1) if the Minneapolis officers are acquitted; and (2) if Trump wins.  I think that the former is more likely than the latter, though both are possible.   Also, I'm not saying whether or not  I think that the cops should be convicted, but I'm not sure that they will be.

Anyway, I think that the violence will be unlike anything we've ever seen before, including the 1968 riots and the Rodney King riots.

Edited September 12, 2020 by SydneyCarton

[KJHburg]

4 hours ago, kermit said:

Can you elaborate on these concerns?

I can assault anyone in NYC and be out with no bail same day. 

Crime stats here you go:

https://www1.nyc.gov/site/nypd/news/pr0706/nypd-citywide-crime-statistics-june-2020#:~:text=NYPD Announces Citywide Crime Statistics for June 2020,when compared to the same period in 2019.

https://www.nytimes.com/2020/09/02/nyregion/nyc-shootings-murders.html

some CEOs of major companies have expressed concerns as well.

But back to Charlotte and our financial industry I do think it is continue to grow by all kinds of firms big and small.   Moody's and MUFG continue to grow here in Charlotte to name a few. 

[SydneyCarton]

5 minutes ago, KJHburg said:

I can assault anyone in NYC and be out with no bail same day. 

Crime stats here you go:

https://www1.nyc.gov/site/nypd/news/pr0706/nypd-citywide-crime-statistics-june-2020#:~:text=NYPD Announces Citywide Crime Statistics for June 2020,when compared to the same period in 2019.

https://www.nytimes.com/2020/09/02/nyregion/nyc-shootings-murders.html

some CEOs of major companies have expressed concerns as well.

But back to Charlotte and our financial industry I do think it is continue to grow by all kinds of firms big and small.   Moody's and MUFG continue to grow here in Charlotte to name a few. 

Before Floyd, NYC Liberals decided to eliminate bail because it was viewed as racist.  There was great opposition to this plan, and before Floyd, there were immediate calls to reinstate bail.  However, in the current climate  post-Floyd that's not going to happen any time soon.

NY has been the safest large American city for a very long time.

http://www.justicepolicy.org/uploads/justicepolicy/documents/fbi_crime_report.pdf

 

 

Edited September 12, 2020 by SydneyCarton

[dencity]

This conversation is irrelevant and ridiculous. Have y'all ever been to NYC?

Of course, Charlotte has its status as a major banking center. That doesn't mean prestigious financial firms will flock here. These entirely crazed perceptions of crime in the city could never detract from its institutional advantages.