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KJHburg

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23 hours ago, KJHburg said:

I bank at Wells Fargo, Bank of America and 5/3 Bank.   That statement has more to do with this thread than other recent pages of discussion.  I was a Home Federal S&L customer which got bought out by Concord based First Charter which became Fifth Third Bank.  

Lets talk about banking, banks, banking jobs etc in Charlotte and move the rest to Politics thread or what have you.  

Image result for 5/3 logoSee the source imageSee the source image

 

Great post KJH!  Home Federal S&L was a solid institution.  I have fond memories of opening my first savings account at aground age 5 in the lobby on Tryon Street.  I also have fond memories of investing in the Home Federal IPO.

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48 minutes ago, hinsp0 said:

Great post KJH!  Home Federal S&L was a solid institution.  I have fond memories of opening my first savings account at aground age 5 in the lobby on Tryon Street.  I also have fond memories of investing in the Home Federal IPO.

One of my first accounts in Charlotte was with Joe King's Home Federal used to make my deposits sometimes on Tryon St where Cam Newton used to live maybe still does.  Yes I do invested in the Home Federal IPO my first and only and that is how I am still a stockholder in Fifth Third today. 

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Trying to bring the thread back on topic (I had never felt the need to use the ignore user feature on urbanplanet as I have always found value in the diverse view in this community, but if there's somebody who is only here to troll, the ignore user feature works well unless other people quote that user).

https://www.wsj.com/articles/regulators-prepare-to-reprimand-citigroup-for-failing-to-improve-risk-systems-11600107587

WSJ reporting that a risk management consent order is coming for Citi.  I have seen others speculate that Citi may consider expanding to Charlotte, and while Citi already has a lot of distributed risk management personnel in DFW and Tampa, Bank of America has a lot of risk management experts who have been out in front of Citi since the financial crisis.  If I needed to resolve a consent order, I would go after experts who have already implemented systems that meet FRB and OCC expectations.

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^ Citi is currently hiring for a "Distribution Lead Analyst." I am puzzled that they wanted this job to be based in Fort Mill...

Quote

The Distribution Lead Analyst works within Citibank’s North American Network Distribution team on projects to optimize Citibank’s branch and ATM network. The role will be focused on scoping, managing, and producing analytical projects and complex deliverables concerning strategic issues that arise from regular operations and new initiatives. Issues include market, trade area, and site potential, distribution formats for an evolving operational environment, network planning, and model/tool needs for the wider Network Distribution team.

 

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in other banking news Charlotte Agenda is reporting Beeline a digital mortgage lender from Providence RI is looking to hire 120 people in Charlotte.    Sounds like a firm like Better.com 

https://makeabeeline.com/

from the Charlotte Biz Journal

""A spokeswoman tells CBJ the company is leasing 14,000 square feet at LakePointe Corporate Center in southwest Charlotte.  Based in Providence, Rhode Island, Beeline says in a press release that its artificial intelligence-driven platform is already gaining traction. It aims to simplify the process of securing a home loan. The expansion in Charlotte is part of the company's plan to add 300 employees by September 2021 as it establishes a nationwide presence.""

Edited by KJHburg
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Citi has a sizeable office in Fort Mill for audit and retail banking product management.  They are there because the used to have mortgage servicing there, but that I believe that function is now closed.

Citi has leased about 1/2 floor of WeWork space at 615 S College location.  The lease was signed post-COVID, but I hear current target move in date is December at the earliest.  I'm still unsure if Fort Mill jobs are relocating to Uptown, or if this is a new office for further expansion.  I think the fact they are using WeWork implies they plan to eventually scale larger.

 

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30 minutes ago, Blue_Devil said:

Lol, they are going to come here because of Wells too. Wells hired 2000 Compliance and Risk people in Charlotte over the last year or so. There is a ton of talent here. 

True, I have heard from friends that they are poaching a lot of people from other comparably sized institutions. I spent 2015 at WF and try not to think about them after my year of hell there haha. 

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Putting this here because it's Fintech, and I suspect at least some Stripe employees will do the math, and conclude $20k bonus to move to Charlotte even with a 10% salary cut means they end up way ahead on a cost of living basis (no need to debate quality of life again), rather trying to make innocuous statement that some employees of Stripe will likely relo here.

 

https://www.forbes.com/sites/elanagross/2020/09/15/stripe-is-offering-20000-bonus-to-employees-who-relocate-to-less-expensive-cities-but-it-comes-with-a-pay-reduction/amp/

 

A possibility unpopular suggestion, if NC really wants to grow it's tech labor force, would be to offer a matchingtax-credit (up to $10k) to indidividuals that are offered relo bonuses and chose NC.  That's somewhere around a 2 year breakeven, while likely accelerating the inflow of talent.

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1 hour ago, atlrvr said:

Putting this here because it's Fintech, and I suspect at least some Stripe employees will do the math, and conclude $20k bonus to move to Charlotte even with a 10% salary cut means they end up way ahead on a cost of living basis (no need to debate quality of life again), rather trying to make innocuous statement that some employees of Stripe will likely relo here.

 

https://www.forbes.com/sites/elanagross/2020/09/15/stripe-is-offering-20000-bonus-to-employees-who-relocate-to-less-expensive-cities-but-it-comes-with-a-pay-reduction/amp/

 

A possibility unpopular suggestion, if NC really wants to grow it's tech labor force, would be to offer a matchingtax-credit (up to $10k) to indidividuals that are offered relo bonuses and chose NC.  That's somewhere around a 2 year breakeven, while likely accelerating the inflow of talent.

A ten percent pay cur is nothing.   That’s a huge incentive.

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Interesting but I personally don't like that idea. If we can't compete without incentives we should fix what needs to be fixed. Primarily make this a place more people would like to live in. The greenways are a nice first step to a more progressive environment, which I would bet most tech folks want. But we have a long way to go to make this a place people are going to leave Oregon, CA, Wash, CO for.  Just opinions no facts I know... I'm in tech and people ask why in the world would you want to live in a red southern state. No answer.... 

I seem to recall VT coming up with a small pilot program which is close to what you suggest. They're fighting weather which can't be fixed though.

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10 hours ago, Desert Power said:

"Talent" isn't the word I would use here...

The recent compliance hires are talent, around 50% of which came from JPM and BOA. Its one of the reasons you actually haven't heard any new major issues with Wells recently. They are doing a great job, and getting paid well to do it. But looking through what Citi is now posting for Compliance (Over 1000 compliance and IRM jobs posted as of yesterday, with about 15% being SVP positions, at a individual contributor level) that will be a huge draw. I am sure Citi will be draw here as well. 

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5 hours ago, Blue_Devil said:

The recent compliance hires are talent, around 50% of which came from JPM and BOA. Its one of the reasons you actually haven't heard any new major issues with Wells recently. They are doing a great job, and getting paid well to do it. But looking through what Citi is now posting for Compliance (Over 1000 compliance and IRM jobs posted as of yesterday, with about 15% being SVP positions, at a individual contributor level) that will be a huge draw. I am sure Citi will be draw here as well. 

Perhaps you are right. What I've seen on the risk is very different. Regardless, just a tounge in cheek remark. Obviously very good for Charlotte's job prospects, I agree.

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Paris and Frankfurt are luring EMEA headquarters from London for institutions serving the EU single market. I’m not sure that Charlotte would be a great fit for somebody looking for a foothold in the EU single market.  Charlotte has a lot of talent and advantages for financial institutions, and I’m sure the economic development folks are selling financial institutions on those advantages. Maybe another thread would be a better place to rehash predictions of demise for NYC so the people interested in banking don’t have to wade through those mostly unrelated political discussions. 

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  • 2 weeks later...
1 hour ago, KJHburg said:

US Bank a bigger and bigger player on the charitable front here in town announces big gift to Habitat for Humanity.

from the Biz Journal:

""U.S. Bancorp (NYSE: USB) is investing $4.55 million in affordable housing in Charlotte.  Two organizations will benefit: the Local Initiatives Support Corp.'s Charlotte chapter and Habitat for Humanity of the Charlotte Region.   U.S. Bank is assisting Habitat for Humanity on two initiatives. The bank has provided $3.3 million to support Habitat's purchase and rehabilitation of 28 homes in highly distressed areas. Habitat keeps the deed but sells the homes back to eligible families. The bank's investment is part of the New Markets Tax Credit program, which incentivizes support for low-income communities with federal tax credits.  Shannon Hinson, vice president of development at Habitat, said the organization received the funding in January. Habitat has so far sold all but two of the rehabilitated homes.  Another $250,000 is going toward the Critical Repair Program. Habitat completes major repairs at residents' homes at either no cost or a reduced rate. Eligible residents, averaging 69 years of age, are at less than 80% of area median income. Repairs could involve heating and air conditioning, roofing or electrics. Hinson said average cost of repairs is $32,000.""

https://www.bizjournals.com/charlotte/news/2020/09/28/us-bank-gives-money-for-affordable-housing.html

One more note to note:

""U.S. Bank, with about 950 employees here, continues to build a local presence. Last year, it pledged $1 million toward the Rail Trail Bridge, a bike and pedestrian bridge connecting uptown and South End. The Minneapolis-based bank also opened its first retail branch in Charlotte in late 2019. Another branch is in the works in Pineville.""

 

I assume they will build their own tower soon. 

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I think US Bank will find some existing space somewhere just my guess unless they move to Southend. 

In other banking news, Citibank is offering their 150,000 sq ft building in Fort Mill for lease.  It was built for Citibank mortgage but long ceased to be involved in mortgages.  My excellent sources say they have 200-250 people there and have recently opened up an office at Wework uptown.  Perhaps looking for a permanent home somewhere. 

https://www.childressklein.com/605-munn-road

 

 

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12 hours ago, KJHburg said:

I think US Bank will find some existing space somewhere just my guess unless they move to Southend. 

In other banking news, Citibank is offering their 150,000 sq ft building in Fort Mill for lease.  It was built for Citibank mortgage but long ceased to be involved in mortgages.  My excellent sources say they have 200-250 people there and have recently opened up an office at Wework uptown.  Perhaps looking for a permanent home somewhere. 

https://www.childressklein.com/605-munn-road

 

 

My guess is Citi will open up a compliance/legal hub here. 

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