BankTown Banking & Finance News

[urbanlover568]

1 minute ago, TheOneRJ said:

Austin and Nashville do not have more financial talent than Charlotte. 

Very true. I do think they have tech talent. Blockchain is going to eliminate a significant percentage of Financial workforce.  I got approved for a BOA loan without going through a person and do all my banking online.  It's only going to accelerate. 

[Richhamleigh, DC]

10 hours ago, mpretori said:

If it's about taxes, Austin and Nashville are the choices. The workforce there is booming also. More talent. 

 

Not for nothing, but North Carolina is the only state shown with two cities.  That's 149000 moving to NC and it doesn't show the numbers for Durham.  That's the real story.   Outside or Texas and California, North Carolina is kicking a##.   Sorry Georgia.

Edited October 21, 2019 by Phillydog

[Tyrone Wiggum]

On 10/20/2019 at 2:59 PM, mpretori said:

Blockchain is going to eliminate a significant percentage of Financial workforce.  

Financial jobs are gonna go away - like everything else - because of technology, not because of currencies that cost more to mine than they're worth....

[QCxpat]

From today's (10/22/2019) Charlotte Business Journal - "U.S. Bank opens first of 10 retail branches planned in Charlotte" by Caroline Hudson

Excerpt:  "U.S. Bancorp (NYSE: USB) officially has a retail presence in the Charlotte market.  The Minneapolis-based bank hosted a ribbon-cutting ceremony on Tuesday for its first local branch at 201 S. Tryon St. in Uptown.  The 3,400-square-foot space opened about three weeks ago.  It is the first of 10 branches planned here by the end of 2020.  It is also the first retail branch in North Carolina. The Uptown branch offers consumer and business banking as well as wealth management services on site." ... "U.S. Bank isn't the only one eyeing Charlotte for a retail expansion.  New York-based JPMorgan Chase & Co. (NYSE: JPM) announced earlier this year its plans to open about 20 branches here over the next two to three years."  ... "The first Charlotte branch will be at 112 S. Tryon St. in Uptown.  It is slated to open in early 2020."

 

U.S. Bank branch at 201 South Tryon - image from CBJ

Link:   https://www.bizjournals.com/charlotte/news/2019/10/22/photos-u-s-bank-opens-first-of-10-retail-branches.html

Edited October 22, 2019 by QCxpat

[KJHburg]

from the Charlotte Ledger and this will be very good for the Charlotte area this holiday season.  Every employee almost gets $1000 bonus and many a lot more.

https://charlotteledger.substack.com/p/breaking-bofa-showering-employees?r=1mfa9&utm_campaign=post&utm_medium=email&utm_source=copy

[KJHburg]

Of 6200 open jobs globally Bank of America has on their website 824 of them are posted in Charlotte.  All this talk about Chase Bank moving jobs of NYC BofA has been doing this for years especially some of the jobs formerly housed in NYC.   Do a job search on their website.   I like the Ethical Hacker job posted LOL   Banking margins are razor thin and cost of employees and real estate are the 2 biggest expenses for a bank.  

[SydneyCarton]

3 hours ago, KJHburg said:

Of 6200 open jobs globally Bank of America has on their website 824 of them are posted in Charlotte.  All this talk about Chase Bank moving jobs of NYC BofA has been doing this for years especially some of the jobs formerly housed in NYC.   Do a job search on their website.   I like the Ethical Hacker job posted LOL   Banking margins are razor thin and cost of employees and real estate are the 2 biggest expenses for a bank.  

That’s true.  Because NY and London are obscenely expensive, only the top employees stay there.  The masses making $250k/year and less get shipped out.

JPMC is tearing down a 750’ tower on Park Ave and building a multi-billion dollar 1,550’ tall palace in its place that will house 15,000 employees.  Those are the top dogs.  Indeed, this will be the modern day Versailles for the King and his Court.  Everyone else will be going to Jacksonville, Columbus, Plano, and Delaware, and they’re probably elated.  Rather than struggling on a $125k salary in NY, they’ll lead pretty nice lives in those other areas with slightly less than that salary.

It’s a shame though that JPMC doesn’t send those jobs to Charlotte.  NC needs to pitch a good incentives offer to lure those jobs here.

 

 

Edited November 2, 2019 by SydneyCarton

[tozmervo]

Wow, the Chrysler Building looks so... small

[SydneyCarton]

33 minutes ago, tozmervo said:

Wow, the Chrysler Building looks so... small

Yes.  It’s getting dwarfed by the new supertowers.

Anyway, the diversification of banking jobs really is a golden opportunity for Charlotte.   I hope that the QC can lure more.

 

[Bikeguy]

5 hours ago, tozmervo said:

Wow, the Chrysler Building looks so... small

Small is beautiful..  

[SydneyCarton]

11 minutes ago, Bikeguy said:

Small is beautiful..  

That Small is relative is true.  It’s 950’ to the top of the building and a 1,050’ to the top of the spire.  
 

Anyway, I’d like to see Charlotte give incentives to attract more hedge funds.  They add a lot to the economy and support very premium office space and residential construction.

Maybe Tepper could support this effort.

Edited November 2, 2019 by SydneyCarton

[Boricua]

8 hours ago, SydneyCarton said:

That’s true.  Because NY and London are obscenely expensive, only the top employees stay there.  The masses making $250k/year and less get shipped out.

JPMC is tearing down a 750’ tower on Park Ave and building a multi-billion dollar 1,550’ tall palace in its place that will house 15,000 employees.  Those are the top dogs.  Indeed, this will be the modern day Versailles for the King and his Court.  Everyone else will be going to Jacksonville, Columbus, Plano, and Delaware, and they’re probably elated.  Rather than struggling on a $125k salary in NY, they’ll lead pretty nice lives in those other areas with slightly less than that salary.

It’s a shame though that JPMC doesn’t send those jobs to Charlotte.  NC needs to pitch a good incentives offer to lure those jobs here.

 

 

Is it the one one left or right?

[SydneyCarton]

1 hour ago, Boricua said:

Is it the one one left or right?

The new Chase tower that will rise is on the right.  The tower on the left is 1 Vanderbilt which just topped out.  Two more 1,300’+ towers are planned in between them.

The Midtown East rezoning is precipitating the development of a lot of super towers.

I’d like to see Charlotte do something like that:  It has spurred the demolition of pretty big buildings to be replaced by gigantic supertalls.    A program like that in Charlotte would be fantastic.

Edited November 3, 2019 by SydneyCarton

[KJHburg]

from a CBJ subscriber article 

""Fifth Third Bancorp (NASDAQ: FITB) now leases 100,300 square feet at Fifth Third Center, at 201 N. Tryon St., after recently expanding into an additional floor, or about 25,000 square feet. The 30-floor tower saw a tenant, Dimensional Fund Advisors, exit two floors earlier this year after its East Coast headquarters delivered in South End. Fifth Third is now leasing one of those floors.  Cincinnati, Ohio-based Fifth Third currently employs 500 in the Charlotte area, with nearly 300 new hires expected within the next several years "across the region, including Charlotte," to support branch expansion and "increased needs" across other lines of business""

https://www.bizjournals.com/charlotte/news/2019/11/22/bank-takes-more-space-at-uptown-tower-as-it-plots.html

[KJHburg]

Don't expect see Truist signs in the Charlotte or Carolinas market until Fall 2021. Integration of the 2 banks in the Carolinas, Georgia and Virginia will be done last as there is the most overlap.  Also 2020 seems to be when we will hear about the Truist Technology center and where it might land in Charlotte.  

Article from WS Journal

https://www.journalnow.com/business/launch-of-truist-likely-to-be-deliberate-with-carolinas-branch/article_0321e54c-9e7d-5f1c-852b-109fecebfbbf.html

[Miesian Corners]

Any idea what the hold-up is with JPM retail branches in Charlotte? The press release from last year said we'd have branches by now, but as of today, Chapel Hill and Clemson are the only two Carolinas locations. Has there been a change in plans, or are they simply waiting for Truist to divest itself of branches that will be easy to pick up?

[KJHburg]

in other finance news Charles Schwab in moving its HQ to Dallas and mentioned in the article in the San Fran Business Times is Wells Fargo next???  And yes Charlotte is mentioned! 

https://www.bizjournals.com/sanfrancisco/news/2019/11/25/schwabs-moving-its-headquarters-will-other-s-f.html

41 minutes ago, Miesian Corners said:

Any idea what the hold-up is with JPM retail branches in Charlotte? The press release from last year said we'd have branches by now, but as of today, Chapel Hill and Clemson are the only two Carolinas locations. Has there been a change in plans, or are they simply waiting for Truist to divest itself of branches that will be easy to pick up?

maybe the latter as in the next year many branches will be sold off as Truist has something like 700 within 2 miles of each other.  

[SydneyCarton]

I like Dallas.   In many respects, it's a better city than Charlotte (e.g., WAY better museums and cultural life, better shopping, warmer winters), but I find Charlotte to be a MUCH nicer place to live.  I'm surprised that Schwab chose the Big D over the QC.

[KJHburg]

8 minutes ago, SydneyCarton said:

I like Dallas.   In many respects, it's a better city than Charlotte (e.g., WAY better museums and cultural life, better shopping, warmer winters), but I find Charlotte to be a MUCH nicer place to live.  I'm surprised that Schwab chose the Big D over the QC.

they have a huge campus there that at build out could hold 7000 employees.

Now that Charles Schwab has left SFO maybe Wells is next and their CEO being up in NYC much shorter flight to CLT than SFO from NYC. 

[QCxpat]

1 hour ago, KJHburg said:

in other finance news Charles Schwab in moving its HQ to Dallas and mentioned in the article in the San Fran Business Times is Wells Fargo next???  And yes Charlotte is mentioned! 

https://www.bizjournals.com/sanfrancisco/news/2019/11/25/schwabs-moving-its-headquarters-will-other-s-f.html

From today's (11/25/19)  San Francisco Business Times:  "Still, Schwab’s move signals to the Bay Area Council that it must redouble its efforts to push for more structural changes in Sacramento — especially around housing, homelessness and transportation — to help right the perception of California as a sinking ship."   So long 415 - hello 817!

[SydneyCarton]

13 hours ago, KJHburg said:

they have a huge campus there that at build out could hold 7000 employees.

Now that Charles Schwab has left SFO maybe Wells is next and their CEO being up in NYC much shorter flight to CLT than SFO from NYC. 

It's interesting that most corporations in DFW are based in corporate campuses in the burbs.   It makes sense because people want to live in places like Southlake and Plano, and commuting thirty miles from those places to downtown would be a nightmare.  

I think that Dallas, Atlanta, and Houston have become too big and sprawling, and, as a result, have unbearable traffic.  

Charlotte, by contrast, is the perfect size right now.

Edited November 26, 2019 by SydneyCarton

[CLTranspo]

“Right now” - that’s why Charlotte needs to pour its developmental energy into infill development and rapid transit imo. It’s so easy to see how Charlotte can and will become Atlanta, Dallas, or Houston in the future if our development in suburbs is allowed unthwarted. That’s why I think the rise of tolls and managed lanes and the historic underinvestment in freeways within the Charlotte metro by the state has been/will be a good thing for dense urban growth. 

[KJHburg]

Tonight at midnight we have the new Truist Bank for real.

https://www.bizjournals.com/charlotte/news/2019/12/06/bb-t-suntrust-merger-creating-truist-financial-set.html

[J-Rob]

At some point they have to reveal branding don't they?

[KJHburg]

We have now have the headquarters of the Truist Bank here in Charlotte cementing  us as the #2 banking center after NYC (sorry San Fran)  the merger of BB&T and SunTrust.   It is interesting to read the angle of the articles from the ATL Biz Journal versus CLT Biz Journal.  

From the ATL (that's Atlanta Georgia not to be confused with Atlanta TX or anywhere else)  subscriber article there

""While Atlanta did not land the headquarters of the newly-formed Truist, it will be the bank’s most important market in its footprint.  In terms of deposits, Truist has has $55.8 billion in deposits in metro Atlanta compared to $33.1 billion in Washington, D.C.; $26 billion in Winston-Salem; $7.3 billion in Miami; and $6.2 billion in Charlotte – the corporate headquarters of the new bank.""  More from new CEO Mr. King trying to smooth Atlanta's ruffled feathers about not having the HQ    “We will have more deposits in Atlanta than in Charlotte or Winston-Salem,” said Kelly King, chairman and CEO of Truist and the former CEO of BB&T. “Atlanta is just a much bigger operation for us than Charlotte.”""

King also was quick to say that Truist will have the largest market share of any bank in metro Atlanta. It also will rank No. 1 or No. 2 in most of the major markets (14 of the top 20) in its territory.

My comments as ATL metro is 2x the size of Charlotte I sure hope they are bigger there.  Dittos for DC metro area.  And of course Miami.   Winston was the home of BB&T and they did have a huge market share there.  

https://www.bizjournals.com/atlanta/news/2019/12/09/new-truist-ceo-atlanta-is-bank-s-most-important.html

From the CLT Biz Journal article also subscriber https://www.bizjournals.com/charlotte/news/2019/12/09/ceo-talks-next-steps-as-truist-becomes-charlottes.html

""When will you announce the Truist logo and branding?  First part of the year — we haven’t nailed down the exact date, but I would say certainly in the first quarter, probably leaning toward the first part of the first quarter. We really are trying to nail down all of the specifics, but we really wanted to wait until we got through the holidays. ""

What will Truist's technology hub in Charlotte look like?   The innovation and technology center will really focus on how do we work closely with our clients and our prospects, help them understand what their needs are to accomplish their dreams and hopes and goals in life, and then develop those in a way that is a seamless delivery of what we call touch and technology.   We’re trying to figure out, can we create an environment all inside Hearst building that allows the interaction with the home office without the home office being too overbearing on the innovation process? Or, do we put part of it in the Hearst building and put part of it in some other location in uptown Charlotte? It’ll all be in uptown.""

also states does not know what will have with their space yet in the BB&T Center uptown as they recently signed a 10 year lease and even if they buy Hearst there are other tenants not ready to move yet or have their leases up. 

Interesting comments on where the tech center will be maybe in Hearst or nearby uptown.  I know someone in tech with BB&T he seems to think in Hearst but looks like that has not been decided yet.