BankTown Banking & Finance News

[KJHburg]

1 hour ago, Blue_Devil said:

A major bank in Uptown is starting a pilot program to bring back workers into the office. 

it is about time if people dont start returning to uptown soon there will be no restaurants no retail shops for them as it continues to be a ghost town.  Our banks should want to protect their real estate investments uptown as well. 

[KJHburg]

JP Morgan Chase is coming to play having  5 new branches before end of this year in the metro.  They are popping up like weeds everywhere.   11 locations by next year. 

https://www.bizjournals.com/charlotte/news/2020/09/29/jpmorgan-chase-branch-expansion-in-charlotte.html

Edited October 1, 2020 by KJHburg

[SydneyCarton]

14 minutes ago, KJHburg said:

JP Morgan Chase is coming to play having  5 new branches before end of this year in the metro.  They are popping up like weeds everywhere.   11 locations by next year. 

https://www.bizjournals.com/charlotte/news/2020/09/29/jpmorgan-chase-branch-expansion-in-charlotte.html

They need to build a tower.    JPMC has unlimited money.

I’d be pleased with a 1,000’ version of what they’re building on Park Ave., or, they can move their HQ to the QC and build an 1,800' version of their new tower that they're constructing in NY.

Edited October 1, 2020 by SydneyCarton

[KJHburg]

Wells Fargo laying off people nationwide and Charlotte as the biggest employment hub will likely be affected.

However in the long run I think this means less jobs in California unless customer facing as they have already said to hire in high cost places requires more levels of approval.

https://www.bizjournals.com/charlotte/news/2020/10/08/wells-fargo-job-cuts-commercial-banking-charlotte.html?iana=hpmvp_clt_news_headline

[KJHburg]

 Big news up I-85 with Raleigh based First Citzens merging with CIT Group forming 19th biggest bank in US based still in Raleigh.

https://www.bizjournals.com/triangle/news/2020/10/16/first-citizens-merging-with-cit-group.html

[atlrvr]

They own a prime development site at Church and 4th if they want to make a big splash splash 

Will be interesting to see if this benefits Charlotte, given scale now and their possible needs to access talent.  Charlotte is already an employment hub for CIT (IT and Commercial Credit)....I wonder if they grow it, or move those jobs to Raleigh.

[CLT2014]

Is FifthThird the first major bank employer in town to bring corporate / non-sales employees back to the office Uptown? https://www.bizjournals.com/charlotte/news/2020/10/28/fifth-third-bank-employees-return-to-work-covid19.html?cx_testId=40&cx_testVariant=cx_23&cx_artPos=6#cxrecs_s

[KJHburg]

18 minutes ago, CLT2014 said:

Is FifthThird the first major bank employer in town to bring corporate / non-sales employees back to the office Uptown? https://www.bizjournals.com/charlotte/news/2020/10/28/fifth-third-bank-employees-return-to-work-covid19.html?cx_testId=40&cx_testVariant=cx_23&cx_artPos=6#cxrecs_s

Yes they have only 300 uptown though.  But it is a start.  

[SydneyCarton]

On 10/16/2020 at 4:23 PM, atlrvr said:

They own a prime development site at Church and 4th if they want to make a big splash splash 

Will be interesting to see if this benefits Charlotte, given scale now and their possible needs to access talent.  Charlotte is already an employment hub for CIT (IT and Commercial Credit)....I wonder if they grow it, or move those jobs to Raleigh.

These jobs belong in Charlotte to the same extent that high tech or pharma jobs should be in the Triangle.  It would be nice if they move the HQ to Clt and build a new tower.

[KJHburg]

US Bank news and their top guy in fixed income and capital markets in based in Charlotte!

https://www.bizjournals.com/charlotte/news/2020/10/29/us-bank-fixed-income-capital-markets-restructure.html

""The FICM business includes loan capital markets, credit fixed income, derivative products, foreign exchange and municipal products. Stephen Philipson, head of FICM, is based in Charlotte. He said U.S. Bank has been expanding derivative and foreign exchange over the last five-plus years, the result of a corporate bond business that is also growing.  The corporate bond business, which is also based in Charlotte, often leads to additional service needs.""

[KJHburg]

Hopefully some of these people will move to this region.  Interesting to note change of addresses have doubled in the last year since the same period last year.

https://www.cnbc.com/2020/10/31/why-high-earners-in-finance-and-tech-left-new-york-city.html

[SydneyCarton]

On 11/1/2020 at 5:40 PM, KJHburg said:

Hopefully some of these people will move to this region.  Interesting to note change of addresses have doubled in the last year since the same period last year.

https://www.cnbc.com/2020/10/31/why-high-earners-in-finance-and-tech-left-new-york-city.html

That would be good.  Most people leaving NYC are going to the NYC burbs.  Lots go to South Florida too, but that's always been true.  Most rich New Yorkers own property between Palm Beach and South Beach.

I'm my old town, Scarsdale, a lot of new estates are being built due to the demand, and there are a lot of bidding wars.

Anyway,  I still think that JP Morgan will bring jobs to the QC.  Hopefully, JPMC will built a new tower in the QC too.

https://www.houlihanlawrence.com/search/view//AddressAndLoc/10583

 

Edited November 3, 2020 by SydneyCarton

[KJHburg]

Hmm NASDAQ and other major trading hubs looking to move out of NJ.  Dallas is a contender, northern VA a data center hub but also according to this article is NC.  Charlotte would be perfect low risk for data centers, affordable power and 2 hours flight back to NY/NJ.  No such tax ever proposed like that in NC nor should there be.  Not to mention a workforce that understands finances and trading. 

from the Dallas view:

https://www.nbcdfw.com/news/local/nasdaq-other-trading-exchanges-to-meet-with-gov-abbott-about-potential-move-to-dallas/2475771/

""Texas was the first of several states to reach out to the coalition to express interest in housing the exchange data centers, the Dallas Morning News reported. Virginia, North Carolina and Illinois have also reportedly had discussions with Nasdaq.""

 

Edited November 13, 2020 by KJHburg

[SydneyCarton]

With more banks coming to Charlotte, I'd like to see this list in ten years.  I think we'll be seeing a lot more Rolls Royces and Ferraris cruising around the QC.

https://www.forbes.com/billionaires/

Cities with at least ten billionaires:
134 New York
95 San Francisco
71 Hong Kong
70 Moscow
67 Beijing
62 Los Angeles
58 London
46 Shanghai
44 Shenzhen
40 Miami
38 Mumbai
30 Singapore
29 Guangzhou
28 Seoul
26 Hangzhou
24 Taipei
23 Dallas
19 Istanbul
19 Sao Paulo
18 Boston
18 Delhi
18 Paris
17 Bangkok
17 Tokyo
16 Chicago
16 Stockholm
15 Houston
15 Washington
14 Manila
14 Ningbo
13 Madrid
12 Atlanta
12 Bangalore
12 Chengdu
12 Toronto
11 Dubai
11 Geneva
11 Mexico City
11 Milan
11 Montreal
11 Seattle
11 Xiamen
10 Phoenix
10 Rio de Janeiro
10 Sydney
10 Tel Aviv

 

Edited November 19, 2020 by SydneyCarton

[RANYC]

4 minutes ago, SydneyCarton said:

With more banks coming to Charlotte, I'd like to see this list in ten years.  I think we'll be seeing a lot more Rolls Royces and Ferraris cruising around the QC.

https://www.forbes.com/billionaires/

Cities with at least ten billionaires:
134 New York
95 San Francisco
71 Hong Kong
70 Moscow
67 Beijing
62 Los Angeles
58 London
46 Shanghai
44 Shenzhen
40 Miami
38 Mumbai
30 Singapore
29 Guangzhou
28 Seoul
26 Hangzhou
24 Taipei
23 Dallas
19 Istanbul
19 Sao Paulo
18 Boston
18 Delhi
18 Paris
17 Bangkok
17 Tokyo
16 Chicago
16 Stockholm
15 Houston
15 Washington
14 Manila
14 Ningbo
13 Madrid
12 Atlanta
12 Bangalore
12 Chengdu
12 Toronto
11 Dubai
11 Geneva
11 Mexico City
11 Milan
11 Montreal
11 Seattle
11 Xiamen
10 Phoenix
10 Rio de Janeiro
10 Sydney
10 Tel Aviv

 

Have to disagree with you on this sort of priority without more info.  I'd much rather see us on a list with the greatest proportion of our people leading high-quality lives of dignity and integrity with ready access to life's essentials.  I don't begrudge anyone wealth or success, but having a bunch of billionaires in your city without mechanisms for the broader populace sharing in that prosperity can lead to disaster.   If the billionaires are here running VC Funds, encouraging a growing crop of owners and sustainable start-ups, and seeding a range of local endeavors, I can get behind that.

[CLT2014]

5 minutes ago, SydneyCarton said:

With more banks coming to Charlotte, I'd like to see this list in ten years.  I think we'll be seeing a lot more Rolls Royces and Ferraris cruising around the QC.

CEOs and top leadership of the nations largest banks are very very very far off from being billionaires. People like Jamie Dimon and Brian Moynihan are very very rich millionaires, but the folks that are billionaires in the finance & investments segment are by and large founders / top leaders of hedge funds, private equity, venture capitalists, privately held investment banks, et.

[SydneyCarton]

31 minutes ago, CLT2014 said:

CEOs and top leadership of the nations largest banks are very very very far off from being billionaires. People like Jamie Dimon and Brian Moynihan are very very rich millionaires, but the folks that are billionaires in the finance & investments segment are by and large founders / top leaders of hedge funds, private equity, venture capitalists, privately held investment banks, et.

But I see Charlotte attracting more of those financiers.  They're who I envisioned when I broadly mentioned "banks."

[Rufus]

1 hour ago, SydneyCarton said:

With more banks coming to Charlotte, I'd like to see this list in ten years.  I think we'll be seeing a lot more Rolls Royces and Ferraris cruising around the QC.

https://www.forbes.com/billionaires/

Cities with at least ten billionaires:
 

 

Not to call you out specifically, but I just don't understand the desire to have all this wealth in the City. More billionaires doesn't necessarily equate with a better, more livable city. Having the most headquarters doesn't either. Having hyper-luxury retail doesn't as well. There should be balance. And honestly, Charlotte already punches above its weight nationally and globally. And it's clear that City leaders are trying to work on what already exists and letting that do the attracting to companies and people to the City. 

Let's continue to grow our startups and invest in our colleges and their research to help grow our venture capital economy. 

[CharlotteWkndBuzz]

Hit that like button if you're a proud Charlotte thousandaire LOL

[MarcoPolo]

Always entertaining to imagine the Queen City's possible futures, being blessed as it is with  economic advantages the envy of its peer group, and which lend themselves to fanciful thoughts.  I have no doubt a few more Ferraris and Rolls Royces are in its future, but these are not necessarily the cars of choice for billionaires and unfortunately Charlotte shares this same attribute, in that it is not necessarily the  city of choice for those of that wealth class either.   Not a knock on Charlotte, because as a few have already replied,  being on such a list is not a pressing "check the box" item that will make, or break its future. I'm sure within the region there is at least one, or two who already call Charlotte/western NC home.   Hard working and scrappy is the character of Charlotte's class of "wealth"  generators.   The backbone of the City.   If it can continue to successfully grow and support this class Charlotte will do very well.  

The players that revolve around, and feed off, the billionaire class have a very particular ecosystem that enables them to survive and prosper.   The City is not a fabulous resort, or port of entry, nor a wealth creating center with little to none of the support/management systems tailored to these activities, nor is it an "entertainment/media" center, regional/global center of politics, or natural resource controller.   Charlotte will continue to land the occasional  middle American type headquarters (Honeywell), and hopefully continue to innovate within the business categories that have set up shop, (such as fin-tech), and support and nurture the homegrown ones (energy and energy spinoffs vis-a-vi  Duke Energy).  These are solid industries, with support needs in the upper levels of white collar legal and accounting worlds........ more than enough capacity to churn out a few millionaires with their Ferraris and occasional Rolls Royces.  

What they do not churn out are billionaires and, for arguments sake, even if they did those within the companies that reach the requisite number of zeroes, would find themselves moving away, or spending most of their time away, to the places that participate in the ecosystem that supports their needs.  A very complex system for a very finite and mobile group of people.  Within stone's throw Atlanta, Houston, Miami, Dallas, and DC, all three to four times the size of the entire consolidated Charlotte Metro, average at the bottom of the global ranking if you look at them from a weighted tier perspective.   We could get one or two more who move to the area (western NC), but Charlotte is not in the ecosystem that would support many more, and barring world upheaval the City will be hard pressed to find the means to join such a system.   

[Blue_Devil]

On 11/13/2020 at 4:00 PM, KJHburg said:

Hmm NASDAQ and other major trading hubs looking to move out of NJ.  Dallas is a contender, northern VA a data center hub but also according to this article is NC.  Charlotte would be perfect low risk for data centers, affordable power and 2 hours flight back to NY/NJ.  No such tax ever proposed like that in NC nor should there be.  Not to mention a workforce that understands finances and trading. 

from the Dallas view:

https://www.nbcdfw.com/news/local/nasdaq-other-trading-exchanges-to-meet-with-gov-abbott-about-potential-move-to-dallas/2475771/

""Texas was the first of several states to reach out to the coalition to express interest in housing the exchange data centers, the Dallas Morning News reported. Virginia, North Carolina and Illinois have also reportedly had discussions with Nasdaq.""

 

Nasdaq would be a huge get for Charlotte. Companies would bring offices here to be somewhat close. It would be a major momentum shift. 

[SydneyCarton]

4 hours ago, Rufus said:

Not to call you out specifically, but I just don't understand the desire to have all this wealth in the City. More billionaires doesn't necessarily equate with a better, more livable city. Having the most headquarters doesn't either. Having hyper-luxury retail doesn't as well. There should be balance. And honestly, Charlotte already punches above its weight nationally and globally. And it's clear that City leaders are trying to work on what already exists and letting that do the attracting to companies and people to the City. 

Let's continue to grow our startups and invest in our colleges and their research to help grow our venture capital economy. 

It's just happening.  When I first came to Charlotte in the  mid-90s, it was not remotely like it is today.   Where all of the new mansions in SouthPark are being built were very modest homes.  Cash is pouring into the QC.

[SydneyCarton]

I don’t know what NASDAQ operations are in NJ.  I’d assume that it’s back-office admin work, but it would still confer some cachet on the QC.

[KJHburg]

2 minutes ago, SydneyCarton said:

I don’t know what NASDAQ operations are in NJ.  I’d assume that it’s back-office admin work, but it would still confer some cachet on the QC.

think it is their data center where the trades are done through the computers.  I think that is what all of this move talk is about. 

[SydneyCarton]

3 hours ago, KJHburg said:

think it is their data center where the trades are done through the computers.  I think that is what all of this move talk is about. 

That would still be very nice.