BankTown Banking & Finance News

[Blue_Devil]

38 minutes ago, KJHburg said:

Wells Fargo is scaling back its huge mortgage operation and this is not temporary thing it seems.  They have a major mortgage office off Carowinds Blvd in Fort Mill in this area.

https://www.bloomberg.com/news/articles/2022-08-14/wells-fargo-to-cut-back-mortgage-business-after-scandals-take-toll

Scaling back means going from 200 billion in origination to about 170 billion

[SydneycartonII]

Mortgage origination has caused Wells a lot of money due to alleged abuses.  I suspect that they want to get into more lucrative work.  Their investment banking is relatively minuscule.  Not to mention, Wells has been the subject of takeovers for a long time and is  on Goldman’s radar.

[wilmore]

On 8/12/2022 at 5:33 PM, tarhoosier said:

Series D funding? That is usually a sign of poor performance.

No, it's not. Almost every successful IPO in the past decade previously raised a Series D. 

[Blue_Devil]

1 hour ago, SydneycartonII said:

Mortgage origination has caused Wells a lot of money due to alleged abuses.  I suspect that they want to get into more lucrative work.  Their investment banking is relatively minuscule.  Not to mention, Wells has been the subject of takeovers for a long time and is  on Goldman’s radar.

Wells is not on Goldmans radar.

[RANYC]

3 hours ago, wilmore said:

No, it's not. Almost every successful IPO in the past decade previously raised a Series D. 

I think he was just joking

[SydneycartonII]

4 hours ago, Blue_Devil said:

Wells is not on Goldmans radar.

They were, but there were anti-trust concerns.  I could see the interest rekindled.  It was widely reported in the NYT, WSJ, and FT.

Edited August 16, 2022 by SydneycartonII

[Blue_Devil]

1 hour ago, SydneycartonII said:

They were, but there were anti-trust concerns.  I could see the interest rekindled.  It was widely reported in the NYT, WSJ, and FT.

Those reports were not accurate.

[KJHburg]

this ad is so bad it is good.  Funny too.   Best advertisement Lendingtree has ever done.  Charlotte based Lendingtree and Linda.   When my nephew's wife mentions her new employer we all start quoting this ad.

 

[SydneycartonII]

Hopefully, they’ll lease some office space in Clt too.

 

TD Bank opens new branch in Charlotte region — 10 years after it closed

Read more at: https://www.charlotteobserver.com/news/business/banking/article264525281.html#storylink=cpy

 

 

Edited August 17, 2022 by SydneycartonII

[turbocraig]

4 minutes ago, SydneycartonII said:

Hopefully, they’ll lease some office space in Clt too.

 

TD Bank opens new branch in Charlotte region — 10 years after it closed

Read more at: https://www.charlotteobserver.com/news/business/banking/article264525281.html#storylink=cpy

 

 

Huh?  Is it?  Cuz it sure doesn’t sound like it is…

“The bank doesn’t have any plans to expand in the Charlotte region this side of the state line, Allen added, but high-growth cities along the East Coast are “always something we’re paying attention to and considering.”

[atlrvr]

TD already has a decent corporate presence in Charlotte (I think in Ballantyne)  including risk management, IT, and I think some commercial underwriting functions.

For clarity, there is a big difference between corporate jobs and branch jobs.  Expanding branches into new states is expensive and somewhat complex from a regulatory perspective.  Adding corporate staff in an office building is super simple, and they've been adding people here for years.

[turbocraig]

27 minutes ago, atlrvr said:

TD already has a decent corporate presence in Charlotte (I think in Ballantyne)  including risk management, IT, and I think some commercial underwriting functions.

For clarity, there is a big difference between corporate jobs and branch jobs.  Expanding branches into new states is expensive and somewhat complex from a regulatory perspective.  Adding corporate staff in an office building is super simple, and they've been adding people here for years.

I get that, but the way the article reads is they are targeting high growth cities on the east coast (presumably for branch networks, since that’s what the article was about and the context of the interview question).  So it still doesn’t make a lot of sense to me.  What qualifies as a high-growth east coast city, if we don’t?  Just doesn’t jive to me.  No biggie either way, I likely wouldn’t move my business, it just reads like vaporware in context.  

[RANYC]

7 hours ago, turbocraig said:

I get that, but the way the article reads is they are targeting high growth cities on the east coast (presumably for branch networks, since that’s what the article was about and the context of the interview question).  So it still doesn’t make a lot of sense to me.  What qualifies as a high-growth east coast city, if we don’t?  Just doesn’t jive to me.  No biggie either way, I likely wouldn’t move my business, it just reads like vaporware in context.  

probably just branding speak.  it's their nod to any city they decide to "expand to" that it's high-growth, as evidenced by TD's decision to  open there.  once there, prove you're high-growth by validating our decision, which in turn, validates yourselves.

[Blue_Devil]

TD does have a corporate presence here. It’s mostly call center, but there are a growing number of risk and control positions. Nothing like what Citi or SVB are hunting for though

Edited August 18, 2022 by Blue_Devil

[KJHburg]

profile on Charlotte in Busines Facilities magazine about Charlotte's financial center.

https://businessfacilities.com/2022/09/forward-looking-financial-locations/?oly_enc_id=9918A8536689E2S

One thing since 2008-2010 great recession Charlotte's financial workforce is more diversified  and larger than ever with so many new employers from US Bank, Ally, USAA, Lendingtree, Moody's, TIAA etc plus we have more employees of the Big 2 banks too. 

[Reverie39]

16 hours ago, KJHburg said:

profile on Charlotte in Busines Facilities magazine about Charlotte's financial center.

https://businessfacilities.com/2022/09/forward-looking-financial-locations/?oly_enc_id=9918A8536689E2S

One thing since 2008-2010 great recession Charlotte's financial workforce is more diversified  and larger than ever with so many new employers from US Bank, Ally, USAA, Lendingtree, Moody's, TIAA etc plus we have more employees of the Big 2 banks too. 

Some cool quotes from that article:

"It would be an understatement to say the financial scene in the Charlotte Region has changed in the last 35 years. Finance has always been a key industry for Charlotte, NC dating back to the gold rush of the early 1800s and the opening of a Federal Reserve Bank branch in 1927. But it was the megamergers in the 1980s and 1990s that defined Charlotte’s stature as a banking empire and cemented the city as a global financial destination."

Here's a question though. Earlier, I think maybe in this very thread, we discussed where Charlotte actually got the "2nd biggest banking center in America" name and most agreed it was from having two of the top 10 bank HQs. But this article says:

"Ally Financial, the largest online-only bank in the U.S., is but one reason Charlotte is now the second-largest banking center in the country."

Ally isn't one of those top 10 banks, and isn't HQed in Charlotte. Any ideas if there is some other metric they are using to call Charlotte that?

[KJHburg]

Bank of America and Truist both top 10 banks are plenty big enough to give us the 2nd largest banking center in the US title.  (#2 and #7 banks respectively) 

[kermit]

18 hours ago, KJHburg said:

Bank of America and Truist both top 10 banks are plenty big enough to give us the 2nd largest banking center in the US title.  (#2 and #7 banks respectively) 

I think BoA alone is big enough to do that.

But it is fair to ask, despite our nominal status as HQ, how often in Brian Moynihan in town?  The bank is much less engaged/intertwined/invested in the city than it was 20 years ago.

Edited September 8, 2022 by kermit

[Norm2]

23 hours ago, Reverie39 said:

Some cool quotes from that article:

"It would be an understatement to say the financial scene in the Charlotte Region has changed in the last 35 years. Finance has always been a key industry for Charlotte, NC dating back to the gold rush of the early 1800s and the opening of a Federal Reserve Bank branch in 1927. But it was the megamergers in the 1980s and 1990s that defined Charlotte’s stature as a banking empire and cemented the city as a global financial destination."

Here's a question though. Earlier, I think maybe in this very thread, we discussed where Charlotte actually got the "2nd biggest banking center in America" name and most agreed it was from having two of the top 10 bank HQs. But this article says:

"Ally Financial, the largest online-only bank in the U.S., is but one reason Charlotte is now the second-largest banking center in the country."

Ally isn't one of those top 10 banks, and isn't HQed in Charlotte. Any ideas if there is some other metric they are using to call Charlotte that?

Although Detroit is the official HQ for Ally, I think Charlotte is the unofficial HQ, as a lot of the execs live in Charlotte. Correct me if I'm wrong.

Edited September 8, 2022 by norm21499

[DonkeyKong]

Agreed. CEO and most of the other Execs live in the CLT.

[turbocraig]

2 hours ago, norm21499 said:

Although Detroit is the official HQ for Ally, I think Charly is the unofficial HQ, as a lot of the execs live in Charlotte. Correct me if I'm wrong.

Their website lists Detroit as HQ for Ally Financial, Sandy, UT as HQ for Ally Bank, and Charlotte is listed as “Corporate Center”… whatever that’s supposed to mean. 

[JRCLT]

Their website lists Detroit as HQ for Ally Financial, Sandy, UT as HQ for Ally Bank, and Charlotte is listed as “Corporate Center”… whatever that’s supposed to mean. 

(The HQ for the HQs of course! The center of it all) Lol

[KJHburg]

Here is a investment firm currently in the Wework at the Railyard which seems to be taking a floor at 128 South Tryon aka First Citizens Bank bldg after I saw a $1.175 M upfit permit recently.

Company is Conversus not sure where they are based and but they seem to have people all over the country.  Small firms like this are essential to the area's economy. 

https://www.conversus.com/

[DonkeyKong]

10 hours ago, KJHburg said:

Here is a investment firm currently in the Wework at the Railyard which seems to be taking a floor at 128 South Tryon aka First Citizens Bank bldg after I saw a $1.175 M upfit permit recently.

Company is Conversus not sure where they are based and but they seem to have people all over the country.  Small firms like this are essential to the area's economy. 

https://www.conversus.com/

 Looks like there HQ is CLT.  CEO is a Chapel Hill grad.

Edited September 13, 2022 by DonkeyKong

[KJHburg]

BankTown photo of the day.