BankTown Banking & Finance News

[Blue_Devil]

4 hours ago, KJHburg said:

was up at my Wework office in the Regions and was asking some questions.  Seems MUFG is still a full floor tenant in this location and Citibank has taken over a floor and some corner offices on another floor.  Both of these would be in the market for home in the future I would think.  

Hmmm 91 jobs posted for Citi within 25 miles of CLT but not any branch level jobs  most cross posted in other cities as well but very interesting.   Listing of jobs for Citi are very interesting.  

 

 

 

A lot of Citi’s jobs are unposted poaching from compliance, risk and controls in other banks.

[davidclt]

4 hours ago, KJHburg said:

Wework office in the Regions and was asking some questions.  Seems MUFG is still a full floor tenant in this location

MUFG (not private-side or U.S. Bank assigned employees) will be at Charlotte Plaza from mid-August. I'm not sure what the split is between full-time in office vs. hybrid in Charlotte.

[KJHburg]

Last weeks news from US Bank forgot to post but interesting.  In an article about recent new hires I noticed this:

""U.S. Bancorp (NYSE: USB) has brought on a veteran trade finance banker to lead a segment of the company experiencing growth in demand. The bank announced on July 25 that Michael Stitt has been hired as senior vice president and head of trade and supply-chain finance sales. He is based in Charlotte. Stitt started the job on May 31. In that role, he helps U.S. Bank's corporate and commercial banking clients secure supply-chain finance options that reduce costs, strengthen supplier relationships and diversify sources of working-capital funding, the bank said in a news release. He will report to Dan Son, U.S. Bank's head of global banking, who is also based in Charlotte.  As of March 31, the bank had about 70,000 employees, about 1,000 of whom are based in Charlotte.""

https://www.bizjournals.com/charlotte/news/2022/07/28/us-bank-jp-morgan-michael-stitt-supply-chain.html

  2 high level people coming here versus their HQ in Minneapolis.  and 1000 people employed locally I remember when they first came on the scene here they were about 100.  They have 3 branches so subtract 30 people that is 970 bankers working uptown.  They need a prominent space and I think that will happen soon with their own name on a signature high rise.  

[DJ8hep]

Last weeks news from US Bank forgot to post but interesting.  In an article about recent new hires I noticed this:
""U.S. Bancorp (NYSE: USB) has brought on a veteran trade finance banker to lead a segment of the company experiencing growth in demand. The bank announced on July 25 that Michael Stitt has been hired as senior vice president and head of trade and supply-chain finance sales. He is based in Charlotte. Stitt started the job on May 31. In that role, he helps U.S. Bank's corporate and commercial banking clients secure supply-chain finance options that reduce costs, strengthen supplier relationships and diversify sources of working-capital funding, the bank said in a news release. He will report to Dan Son, U.S. Bank's head of global banking, who is also based in Charlotte.  As of March 31, the bank had about 70,000 employees, about 1,000 of whom are based in Charlotte.""
https://www.bizjournals.com/charlotte/news/2022/07/28/us-bank-jp-morgan-michael-stitt-supply-chain.html
  2 high level people coming here versus their HQ in Minneapolis.  and 1000 people employed locally I remember when they first came on the scene here they were about 100.  They have 3 branches so subtract 30 people that is 970 bankers working uptown.  They need a prominent space and I think that will happen soon with their own name on a signature high rise.  

US Bank’s Minneapolis headquarters has always been one of my favorite buildings in downtown! You think they would buy one of the existing office towers in uptown, or construct a new one?

[KJHburg]

7 minutes ago, DJ8hep said:

US Bank’s Minneapolis headquarters has always been one of my favorite buildings in downtown! You think they would buy one of the existing office towers in uptown, or construct a new one?

Lets just say I think they will have a dramatic South tryon address at 1111 South Tryon aka Queensbridge 

forgot to mention that newly hired VP of Supply chain finance was with JP Morgan in NYC and chose here  over US Bank's own HQ city. 

[DJ8hep]

Lets just say I think they will have a dramatic South tryon address at 1111 South Tryon aka Queensbridge 
forgot to mention that newly hired VP of Supply chain finance was with JP Morgan in NYC and chose here  over US Bank's own HQ city. 

That is quite literally the best response and hopefully outcome I could imagine! How exciting!

[CLT2014]

37 minutes ago, KJHburg said:

Lets just say I think they will have a dramatic South tryon address at 1111 South Tryon aka Queensbridge 

forgot to mention that newly hired VP of Supply chain finance was with JP Morgan in NYC and chose here  over US Bank's own HQ city. 

VP of Supply Chain Finance sounds like the most mid level mgmt job title of bank job titles. Everybody is a VP at a bank in this town.

[KJHburg]

1 minute ago, CLT2014 said:

VP of Supply Chain Finance sounds like the most mid level mgmt job title of bank job titles. Everybody is a VP at a bank in this town.

He is direct reporting to the US Bank head of global banking so he is little more than just a run of the mill vp.   I know what you mean everyone being a vice president but this guy is about that.

from the article

""Stitt has more than 30 years of trade-banking experience. He joined U.S. Bank from JPMorgan Chase & Co. (NYSE: JPM), where he'd held several trade and supply-chain finance leadership positions since 2010. Stitt also previously served as a managing director at Wells Fargo & Co. (NYSE: WFC).""

The point is that top people with US Bank are here in Charlotte just not some midlevel outpost employees.  Someone else can speak of this probably better than me for I am not in banking.  

[JHart]

9 hours ago, KJHburg said:

The point is that top people with US Bank are here in Charlotte just not some midlevel outpost employees.  Someone else can speak of this probably better than me for I am not in banking.  

They're not midlevel, but there are 0 top level US Bank personnel here in Charlotte. Even the Head of Global Banking you mentioned is several levels down from what you could perceive as "top people". This guy is one of 100s of banking VPs here. 

[SydneycartonII]

You’d think that they’d all want to move from Minneapolis.  It’s actually a very nice city, but its winters are long and unbearable.  They make Chicago seem like Boca Raton.

Edited August 2, 2022 by SydneycartonII

[CLT2014]

30 minutes ago, SydneycartonII said:

You’d think that they’d all want to move from Minneapolis.  It’s actually a very nice city, but its winters are long and unbearable.  They make Chicago seem like Boca Raton.

It is hard to fight the gravitational pull of home. Your family network, traditions, culture, food, et.... that you grew up with and are used to. I know somebody that was from Minneapolis and recently moved back... despite liking the weather here a lot. For her, the pain of missing out on moments like her nephew's first birthday, not having her mom around on mother's day and settling for a Zoom call, having to pay $900 for a last minute flight to say goodbye to her grandfather before he died, et.... just became too much. Homesickness hit hard and being able to jog outside in November was canceled out by missing all of those family moments. Minnesota in particular is the 12th highest state for percentage of its population born in the state, so it is very close knit (68%). 

For other people, moving away is easier and they don't mind adapting to a new place and potentially being far from family and existing social networks.  

Edited August 2, 2022 by CLT2014

[SydneycartonII]

3 minutes ago, CLT2014 said:

It is hard to fight the gravitational pull of home. Your family network, traditions, culture, food, et.... that you grew up with and are used to. I know somebody that was from Minneapolis and recently moved back... despite liking the weather here a lot. For her, the pain of missing out on moments like her nephew's first birthday, not having her mom around on mother's day and settling for a Zoom call, having to pay $900 for a last minute flight to say goodbye to her grandfather before he died, et.... just became too much. Homesickness hit hard and being able to jog outside in November was canceled out by missing all of those family moments. 

For other people, moving away is easier and they don't mind adapting to a new place and potentially being far from family and existing social networks.  

That’s true.  Also, there’s a winter/hockey culture there that people love.

[DJ8hep]

It is hard to fight the gravitational pull of home. Your family network, traditions, culture, food, et.... that you grew up with and are used to. I know somebody that was from Minneapolis and recently moved back... despite liking the weather here a lot. For her, the pain of missing out on moments like her nephew's first birthday, not having her mom around on mother's day and settling for a Zoom call, having to pay $900 for a last minute flight to say goodbye to her grandfather before he died, et.... just became too much. Homesickness hit hard and being able to jog outside in November was canceled out by missing all of those family moments. Minnesota in particular is the 12th highest state for percentage of its population born in the state, so it is very close knit (68%). 
For other people, moving away is easier and they don't mind adapting to a new place and potentially being far from family and existing social networks.  

“For other people, moving away is easier and they don't mind adapting to a new place and potentially being far from family and existing social networks.”

^This has been my experience so far since moving from Minneapolis. I just couldn’t take the winters anymore and most of my networks moved away before I did.

[Blue_Devil]

7 hours ago, JHart said:

They're not midlevel, but there are 0 top level US Bank personnel here in Charlotte. Even the Head of Global Banking you mentioned is several levels down from what you could perceive as "top people". This guy is one of 100s of banking VPs here. 

He is an SVP, and to be honest banks are actually strongly removing the everyone is a VP title now. Wells is not handing VP titles out like Candy anymore. 

[Norm2]

15 minutes ago, Blue_Devil said:

He is an SVP, and to be honest banks are actually strongly removing the everyone is a VP title now. Wells is not handing VP titles out like Candy anymore. 

I've been seeing the title Sr Manager more often now, rather than VP

[DonkeyKong]

The other thing to keep in mind is that these Middle levels job emps don't stay in those roles forever.  When they are promoted or provided with the opportunity at a higher level out of market they request  lot of time to stay in market and setup an office here.  Which leads to influence and that could lead to more emps here.   Look at how USBank started in CLT.

[DonkeyKong]

https://www.bizjournals.com/charlotte/news/2022/08/02/cbj-morning-buzz-wells-fargo-irving-texas.html

[CLT2014]

38 minutes ago, DonkeyKong said:

https://www.bizjournals.com/charlotte/news/2022/08/02/cbj-morning-buzz-wells-fargo-irving-texas.html

Looks like the main incentives are coming from the city rather than state... which makes me think the 4,000 jobs aren't all net new to Texas, but would be net-new to the city of Irving. I wouldn't be surprised Wells Fargo's official announcement about this regional campus includes the closure / consolidation of their corporate facilities for 4,000 employees spread across the DFW metroplex onto one campus and some more room to scale as they wind down employment in high cost locations like CA. Wells Fargo hasn't said anything if the 4,000 jobs on this campus are "net new" to the region... but the media has had a field day with it when it could just be consolidation (especially since 4,000 aligns so closely with their existing corporate headcount spread across North Texas). 

Edited August 2, 2022 by CLT2014

[KJHburg]

news in the Fintech and banking world

from San Fran and with their office in the Deloitte tower in uptown Charlotte

""Robinhood Markets Inc. CEO Vlad Tenev told staff Tuesday the online brokerage is cutting an additional 23% of its staff following a layoff earlier this year in the latest sign of the company's struggles amid a chillier investment climate.   "Earlier this year, I announced that we would be letting go of 9% of our workforce and focusing on greater cost discipline throughout the organization. This did not go far enough," Tenev said in a blog post Tuesday.""

from the US Bank world one of their top 14 execs is indeed based in Charlotte and not the ones mentioned above. 

https://www.usbank.com/about-us-bank/leadership.html   check out Jim Kelligrew 

[JRCLT]

news in the Fintech and banking world
from San Fran and with their office in the Deloitte tower in uptown Charlotte
""Robinhood Markets Inc. CEO Vlad Tenev told staff Tuesday the online brokerage is cutting an additional 23% of its staff following a layoff earlier this year in the latest sign of the company's struggles amid a chillier investment climate.   "Earlier this year, I announced that we would be letting go of 9% of our workforce and focusing on greater cost discipline throughout the organization. This did not go far enough," Tenev said in a blog post Tuesday.""
from the US Bank world one of their top 14 execs is indeed based in Charlotte and not the ones mentioned above. 

https://www.usbank.com/about-us-bank/leadership.html   check out Jim Kelligrew 

Queensbridge: hmmm…I think if you zoom in…Lol.



Hmmm….

http://www.charlotterailtrail.org/donate-1

[BJKM]

18 hours ago, KJHburg said:

news in the Fintech and banking world

from San Fran and with their office in the Deloitte tower in uptown Charlotte

""Robinhood Markets Inc. CEO Vlad Tenev told staff Tuesday the online brokerage is cutting an additional 23% of its staff following a layoff earlier this year in the latest sign of the company's struggles amid a chillier investment climate.   "Earlier this year, I announced that we would be letting go of 9% of our workforce and focusing on greater cost discipline throughout the organization. This did not go far enough," Tenev said in a blog post Tuesday.""

from the US Bank world one of their top 14 execs is indeed based in Charlotte and not the ones mentioned above. 

https://www.usbank.com/about-us-bank/leadership.html   check out Jim Kelligrew 

I work for a fintech company based in SF called Figure and we are moving into that old Robinhood space in a few weeks. I’ll snag some pictures once we’re able to get in  

[Blue_Devil]

15 minutes ago, BJKM said:

I work for a fintech company based in SF called Figure and we are moving into that old Robinhood space in a few weeks. I’ll snag some pictures once we’re able to get in  

So is Robinhood not moving into the Charlotte space now?

[videtur quam contuor]

BJKM, whoa! Bringing the added value for a first post. Welcome and join the fray.

[KJHburg]

21 minutes ago, BJKM said:

I work for a fintech company based in SF called Figure and we are moving into that old Robinhood space in a few weeks. I’ll snag some pictures once we’re able to get in  

wow good news and I do see your company is hiring in Charlotte now.

https://www.figure.com/careers#Careers-Open-Roles

[DonkeyKong]

22 minutes ago, BJKM said:

I work for a fintech company based in SF called Figure and we are moving into that old Robinhood space in a few weeks. I’ll snag some pictures once we’re able to get in  

Have they closed the whole clt office?