BankTown Banking & Finance News

[DMann]

Hmmmmm?

[SydneyCarton]

I wonder if the old tower will be redeveloped.   I assume that it will be basically empty.

https://www.charlotteobserver.com/news/business/banking/article256092337.html

This is a pretty big site.

 

Edited November 26, 2021 by SydneyCarton

[DMann]

I would love to see that parking garage and associated underground traffic tunnels go away!

[KJHburg]

Actually not the old BB&T Center had about 100,000 sq ft in that building having downsized over the years.  However there are lot of different tenants in that building and it is so well connected with the Overstreet mall.  When I talk about older buildings being converted to other uses this is not one I would think.    Their floorplates are huge which tenants really like now and with all its retail there and nearby it has quite a few of amenities not to mention a huge garage nearby. 

[CharlotteWkndBuzz]

I remember talks a long time ago that the spiral parking garage ramp has the capability to support a structure on top of it.  Not sure how that would work but always thought the idea of that was unique.  

[turbocraig]

My doctor's office used to be in that building before relocating to Charlotte Plaza across the street a year or two ago.  When I left and would drive down the spiral, I'd always try to find the perfect angle with the steering wheel so that I didn't have to course correct all the way down.  I never could achieve that, but then again, I'm no physicist or mathematician, so...  

Am I the only one?  

[KJHburg]

There can be a building above the spiral that was in the sales marketing materials when they sold it a few years back. 

[tozmervo]

It would not make me sad to see this building torn down and replaced.

[DMann]

Amen brother!

[Guest]

I have nothing against this building but aesthetically this is the best spot for a new tallest, right in the middle of the skyline.

[davidclt]

This is an interesting report on 2021 VC Deals: Q3_2021_PitchBook-NVCA_Venture_Monitor.pdf 

Fintech makes an appearance by Charlotte doesn't

[kermit]

^ the relative absence of VC has always been a problem and is the Achilles heel of the North Carolina tech industry.

Edited December 1, 2021 by kermit

[CLT2014]

A lot of the "fintech" jobs listed for Charlotte are working at established and large firms that aren't seeking venture capital. Is a major technology hub for Truist "fintech".... depends on how you define fintech. Truist, USAA, Robinhood, Credit Karma, et.. aren't start ups and aren't going to appear on a VC ranking. The rankings reflect the reality that we aren't a major hub for startups, but rather companies come here once they have the VC and are looking to grab workers from other large firms. 

Edited December 1, 2021 by CLT2014

[SydneyCarton]

I thought that it was amazing to see how NYC absolutely dwarfs every other city -- until I saw SF.  That's impressive.  Boston also is very impressive considering its size.

Edited December 2, 2021 by SydneyCarton

[KJHburg]

Dear Wells Fargo,

a great history you have.  But it is time to come east where you leaders are, like to Charlotte in the beautiful 48 story building you own on S Tryon.  I am sure there is NO shag carpet in sight or 1970s paneling like your San Fran office.  You have already reduced your presence there and you will always operate there but give it up please.  Come east by southeast.  Come where you will be appreciated. Make new history here. In your modern building to be renamed Wells Fargo Corporate Center.  We are so much closer to NYC only 2 hours flight away. 

KJ a stagecoach customer

From the San Francisco Business Times today read it yourself:

Is Wells Fargo’s San Francisco headquarters now a C-suite ghost town?

""Wells Fargo’s headquarters floor in San Francisco must be a lonely place these days. There’s only one member of the designated “senior leadership team” still based in the city that has been the bank’s hometown since its founding in 1852.

A quick review Thursday of corporate bios and LinkedIn profiles of Wells Fargo’s 19-member senior leadership team, along with additional information from the company, showed that 12 are based in New York, four in Charlotte, one in Houston, one in the Washington, D.C., area and one in San Francisco.

As recently as February 2020, Wells had four members of its then 15-member senior leadership team based in San Francisco, the bank told me at the time. The four San Francisco executives were John Shrewsberry, chief financial officer; David Galloreese, head of human resources; Amanda Norton, chief risk officer; and Julie Scammahorn, chief auditor. 

Shrewsberry and Galloreese have since left Wells, with their replacements based in New York. Norton, who moved to Charlotte, just announced that she’s retiring at the end of June. Her successor will be named in the coming weeks. Scammahorn remains based in San Francisco as chief auditor, the bank told me when I asked Thursday who on the senior leadership team is still based in San Francisco. 

The dimming of San Francisco's star in Wells Fargo’s universe has been gradual, but it accelerated after CEO Charlie Scharf took the helm as CEO in October 2019, opting to remain in New York. 

The loss of Wells Fargo jobs in San Francisco extends beyond the bank’s C-suite, once housed in the top floor of the bank’s modest headquarters building in the city's Financial District. (Visitors to the CEO’s office in San Francisco pre-pandemic were often struck by the executive floor’s shag carpeting and paneling, circa 1970s.) The bank recently told my colleague Ahalya Srikant that its employee base in San Francisco County fell almost 20% in one year, dropping to 5,899 in 2021 from 7,021 in 2020. The bank cited increased efficiencies as one factor in the drop.

Interest in who sits where among Wells Fargo’s leadership goes well beyond the Bay Area, given the bragging rights and economic clout that Wells Fargo would bring to any city in a corporate HQ relocation. 

The possible relocation of Wells Fargo’s headquarters out of California has long been a topic of speculation. In February 2020, the bank said, “Wells Fargo will continue to be headquartered in San Francisco.” In December 2020, the same bank spokesperson said, “Wells Fargo continues to be headquartered in San Francisco.”

The issue of a possible HQ relocation surfaced again last August amid reports of Wells Fargo’s Project Falcon, a huge office project likely to land in Las Colinas, a master planned community in the Dallas suburb of Irving that’s a popular landing spot for Fortune 500 headquarters, including McKesson, which moved there from San Francisco. 

At that time, Wells Fargo responded to the speculation over a headquarters move out of San Francisco, stating: “We have no plans to move our headquarters.”

Asked on Thursday whether those plans have changed, with only one senior leadership team member still based in San Francisco, Wells Fargo said once again, “We have no plans to move our headquarters.”""

will the last exec on the executive floor in San Fran turn off the floor lamp on the shag carpeting? 

Never say never.  

 

Edited January 7, 2022 by KJHburg

[RANYC]

28 minutes ago, KJHburg said:

Dear Wells Fargo,

a great history you have.  But it is time to come east where you leaders are, like to Charlotte in the beautiful 48 story building you own on S Tryon.  I am sure there is NO shag carpet in sight or 1970s paneling like your San Fran office.  You have already reduced your presence there and you will always operate there but give it up please.  Come east by southeast.  Come where you will be appreciated. Make new history here. In your modern building to be renamed Wells Fargo Corporate Center.  We are so much closer to NYC only 2 hours flight away. 

KJ a stagecoach customer

From the San Francisco Business Times today read it yourself:

Is Wells Fargo’s San Francisco headquarters now a C-suite ghost town?

""Wells Fargo’s headquarters floor in San Francisco must be a lonely place these days. There’s only one member of the designated “senior leadership team” still based in the city that has been the bank’s hometown since its founding in 1852.

A quick review Thursday of corporate bios and LinkedIn profiles of Wells Fargo’s 19-member senior leadership team, along with additional information from the company, showed that 12 are based in New York, four in Charlotte, one in Houston, one in the Washington, D.C., area and one in San Francisco.

As recently as February 2020, Wells had four members of its then 15-member senior leadership team based in San Francisco, the bank told me at the time. The four San Francisco executives were John Shrewsberry, chief financial officer; David Galloreese, head of human resources; Amanda Norton, chief risk officer; and Julie Scammahorn, chief auditor. 

Shrewsberry and Galloreese have since left Wells, with their replacements based in New York. Norton, who moved to Charlotte, just announced that she’s retiring at the end of June. Her successor will be named in the coming weeks. Scammahorn remains based in San Francisco as chief auditor, the bank told me when I asked Thursday who on the senior leadership team is still based in San Francisco. 

The dimming of San Francisco's star in Wells Fargo’s universe has been gradual, but it accelerated after CEO Charlie Scharf took the helm as CEO in October 2019, opting to remain in New York. 

The loss of Wells Fargo jobs in San Francisco extends beyond the bank’s C-suite, once housed in the top floor of the bank’s modest headquarters building in the city's Financial District. (Visitors to the CEO’s office in San Francisco pre-pandemic were often struck by the executive floor’s shag carpeting and paneling, circa 1970s.) The bank recently told my colleague Ahalya Srikant that its employee base in San Francisco County fell almost 20% in one year, dropping to 5,899 in 2021 from 7,021 in 2020. The bank cited increased efficiencies as one factor in the drop.

Interest in who sits where among Wells Fargo’s leadership goes well beyond the Bay Area, given the bragging rights and economic clout that Wells Fargo would bring to any city in a corporate HQ relocation. 

The possible relocation of Wells Fargo’s headquarters out of California has long been a topic of speculation. In February 2020, the bank said, “Wells Fargo will continue to be headquartered in San Francisco.” In December 2020, the same bank spokesperson said, “Wells Fargo continues to be headquartered in San Francisco.”

The issue of a possible HQ relocation surfaced again last August amid reports of Wells Fargo’s Project Falcon, a huge office project likely to land in Las Colinas, a master planned community in the Dallas suburb of Irving that’s a popular landing spot for Fortune 500 headquarters, including McKesson, which moved there from San Francisco. 

At that time, Wells Fargo responded to the speculation over a headquarters move out of San Francisco, stating: “We have no plans to move our headquarters.”

Asked on Thursday whether those plans have changed, with only one senior leadership team member still based in San Francisco, Wells Fargo said once again, “We have no plans to move our headquarters.”""

will the last exec on the executive floor in San Fran turn off the floor lamp on the shag carpeting? 

Never say never.  

 

OMG no...I fly to NYC often and have gotten to Laguardia in as short as 1 hour 15 minute flight time!

Edited January 7, 2022 by RANYC

[KJHburg]

1 minute ago, RANYC said:

OMG no...I fly to NYC often and have gotten to Laguardia in as short as 1 hour 15 minute flight time!

even better.  It  has been a long time since I have flown to NY but I was thinking flying  the execs to Teterboro and then taking a limo for the execs into Manhattan.  

[tozmervo]

1 hour ago, KJHburg said:

even better.  It  has been a long time since I have flown to NY but I was thinking flying  the execs to Teterboro and then taking a limo for the execs into Manhattan.  

They can damn well take the M60 from LGA with the rest of us. 

[DownEast]

1 hour ago, tozmervo said:

They can damn well take the M60 from LGA with the rest of us. 

Lol. Straight to 125th st.

[15895]

I am about to sound like a Bay-Area SydneyCarton…
 

Ignoring the absolute amazing energy, vibrancy and density of their city, the San Francisco skyline has been really bulking up including a nice tall new 1,000 footer and a new 1,000 footer announced in December 2021 (last month - and it’s legit & going to be built - Hines released a rendering of it)

Would Charlotte gain anything at all if Wells announced their HQ to move to Charlotte? 

Edited January 7, 2022 by AirNostrumMAD

[SydneyCarton]

SF is gorgeous.  I love it.

I'd like to see one of those huge towers in the QC.

Edited January 7, 2022 by SydneyCarton

[JRCLT]

SF is gorgeous.  I love it.
I'd like to see one of those huge towers in the QC.

As long as they allow the land in the city to be gobbled up with development no such demand would prompt one of those. “Business parks”

[Guest]

Maybe office space numbers wouldn’t shift significantly but they would go for a new building I imagine for the symbolism

[SydneyCarton]

Wells owns a 500,000 sf condo in a new Hudson Yards building, and they're looking for several hundred thousand more square feet of new space in New York.  Hopefully, they'll do the  same in Charlotte with a new 1m sf tower.

[Norm2]

3 minutes ago, SydneyCarton said:

Wells owns a 500,000 sf condo in a new Hudson Yards building, and they're looking for several hundred thousand more square feet of new space in New York.  Hopefully, they'll do the  same in Charlotte with a new 1m sf tower.

Doesn't Wells still have a ton of space at their building in the university area?