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2 minutes ago, cltbwimob said:

When Brighthouse Financial is officially spun off from Met Life, will that help?

Really hoping Ally relocates their HQ to Charlotte as well.

$150B brings us easily back into 2nd.

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Appearances are everything though. Bragging rights and positioning are huge. Being 2nd in the country only behind the largest banking center in the entire world is a big deal. Being 3rd isn't as impressive, might as well be somewhere else in the top 10.

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Losing the second place title isn't that big of a deal in my opinion.  Funny the articled stated about looking at other ways to "brand" the city. One option is healthcare...let's get a med school first. Also, what every happened to "The New Energy Capitol" branding or whatever it was?

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17 hours ago, Popsickle said:

Losing the second place title isn't that big of a deal in my opinion.

I think it's a really big deal.  Not in terms of short term damage but long term trajectory...in a good way.  

It's been mentioned many times on how good of a fit Ally is but yet they still keep the HQ in Detroit.  Has Charlotte been courting Ally?  I think the answer to that is doubtful.  I think the city is on a bit of auto-pilot when it comes to business growth and this just might be the wakeup call.    I think this is going to be a theme of the next election cycle and that's a good thing.  

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1 hour ago, cjd5050 said:

I think it's a really big deal.  Not in terms of short term damage but long term trajectory...in a good way.  

It's been mentioned many times on how good of a fit Ally is but yet they still keep the HQ in Detroit.  Has Charlotte been courting Ally?  I think the answer to that is doubtful.  I think the city is on a bit of auto-pilot when it comes to business growth and this just might be the wakeup call.    I think this is going to be a theme of the next election cycle and that's a good thing.  

Most likely the CEO of Ally Bank, while based in Charlotte, knows their largest corporate office is still in Michigan and the history of the company is rooted in Michigan. The question he would ask himself is "What do we gain by shifting the city titled as "HQ" to Charlotte?" All it would do is cause division among the offices, demoralize the Detroit office (which they are investing in with a new HQ building), and they don't need to consolidate people because they are already concentrated in Detroit, Charlotte, and NYC which each have strengths. They aren't going to relocate their Detroit talent pool to Charlotte by shifting the HQ title, so it doesn't really have much business purpose other than shifting where they are based for SEC reporting and causing a rivalry between Charlotte and Detroit when their doesn't need to be one. I know selfishly we want an HQ, but for the company, it would most likely just tick people off, like if BofA moved their HQ to Boston just because the CEO lives there. Moynihan hasn't touched the CLT HQ for that very reason.

Edited by CLT2014
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55 minutes ago, CLT2014 said:

Most likely the CEO of Ally Bank, while based in Charlotte, knows their largest corporate office is still in Michigan and the history of the company is rooted in Michigan. The question he would ask himself is "What do we gain by shifting the city titled as "HQ" to Charlotte?"

And the answer to that is lower the tax liability of the bank significantly.   Unless others are mistaken the cost of having your HQ in Detroit vs. Charlotte is significantly more.

 

1 hour ago, CLT2014 said:

All it would do is cause division among the offices, demoralize the Detroit office (which they are investing in with a new HQ building), and they don't need to consolidate people because they are already concentrated in Detroit, Charlotte, and NYC which each have strengths.

 No doubt there would be some hurt feelings in Detroit but corporations are not built for feelings.  In the past companies have left cities like Detroit before due to things like taxes and regulation and it will happen again.  Maybe not Ally...but it will again.  

 

1 hour ago, CLT2014 said:

]They aren't going to relocate their Detroit talent pool to Charlotte by shifting the HQ title, so it doesn't really have much business purpose other than shifting where they are based for SEC reporting and causing a rivalry between Charlotte and Detroit when their doesn't need to be one. I know selfishly we want an HQ, but for the company, it would most likely just tick people off, like if BofA moved their HQ to Boston just because the CEO lives there. Moynihan hasn't touched the CLT HQ for that very reason.

You would not have to relocate any people really.  It's just an address.  Location of the HQ does not need to be the same as where most of the company is based.  See. Wells Fargo.

As for BofA, Moynihan hasn't touched the idea of moving to Boston because it would cost money.  

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41 minutes ago, cjd5050 said:

And the answer to that is lower the tax liability of the bank significantly.   Unless others are mistaken the cost of having your HQ in Detroit vs. Charlotte is significantly more.

They would have to close the operations in Detroit and fire / relocate most of the staff to actually reduce their tax burden. If they still maintain the 1,500 person office there and just shift the name of the "HQ" on paper to Charlotte, they will still pay corporate income tax there for the activities occurring due to that office's presence. Bank of America pays New York City and NY a significant income tax burden for having one of their largest offices in Manhattan. BofA is not exempt from paying the New York taxes just because the HQ is in North Carolina. 

Thus companies that relocate to reduce their tax burden have to actually shut down operations / downsize in the state they switching the HQ from. Examples are Toyota North America closing the entire California campus in their move to Texas or Mercedes Benz moving to Georgia from NJ. 

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5 minutes ago, CLT2014 said:

They would have to close the operations in Detroit and fire / relocate most of the staff to actually reduce their tax burden. If they still maintain the 1,500 person office there and just shift the name of the "HQ" on paper to Charlotte, they will still pay corporate income tax there for the activities occurring due to that office's presence. Bank of America pays New York City and NY a significant income tax burden for having one of their largest offices in Manhattan. BofA is not exempt from paying the New York taxes just because the HQ is in North Carolina. 

Thus companies that relocate to reduce their tax burden have to actually shut down operations / downsize in the state they switching the HQ from. Examples are Toyota North America closing the entire California campus in their move to Texas or Mercedes Benz moving to Georgia from NJ. 

Did not realize that.  I just made an ass out of myself by assuming.  

That said, still think there is the opportunity to transition through growth.  Putting all new employees in Charlotte could eventually make the decision easier.  

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It made sense for the Ally HQ to be in Detroit when General Motors was their major customer. They are NOT anymore and in fact GM is starting their own financing division again thus competition to Ally's large auto loan business. Plus Ally is much more a consumer bank now with their TradeKing operation and now they are re-entering the mortgage and credit card business. The tie in was natural to Detroit when their biggest customers were there but now one of them is a new competitor. In terms of their office in downtown they consolidated people from several suburban sites to one location not really lots of jobs added. If they did a consolidation of their existing space in Charlotte amongst their 3-4 office locations they would be a huge anchor tenant for any building uptown. They have space in the Ally Center, Ballantyne and SouthPark not sure if they still have that Toringdon office or not.  if the top execs went to Detroit to work for a extended period they would be subject to Detroit's city income tax as BofA employees would be in NYC. 

Edited by KJHburg
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I lived in Orlando for 11 years. After many fits and starts, its downtown is about to break ground on a 26 story building. And even though office is a minor component, it almost took moving heaven and earth to get sufficient leasing.

Just a little perspective.

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This is terrible tweeted today from CMPD

CMPD News‏Verified account @CMPD  4m4 minutes ago

There have been 36 homicides in 2017 compared to 17 this time last year.

This city needs to be a lot more focus on public safety and I put this right on the lap of the city council and Mayor 

 

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Maybe we can start a citizen exchange program with Mexico. Hell, I support two for one. Seriously, if it weren't for cameras now days, crime would be twice as bad. Bad people are going to be bad regardless of the COP, PD, or city council. Maybe we should start by keeping bad people locked up and stop letting bad guys back out on the streets so quickly. As far as the city being more focused on public safety, shouldn't citizens just be smarter? All good citizens should get a carry permit. 

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1 hour ago, KJHburg said:

This city needs to be a lot more focus on public safety and I put this right on the lap of the city council and Mayor 

We kicked off the year with a big uptick in household violence. Most of the homicides started out as boyfriend killing girlfriend, wife killing husband, friends killing friends during a fight, etc... type of stuff. The police can work towards bringing down gang violence by breaking up gangs and stop homicides like that, but they don't live in our living rooms. If people have guns and knives and want to kill the person next to them, they will. The police just get called to pick up the body.

They have been pleading people to de-escalate their arguments and are removing illegal guns off the street, but they can't do much about somebody killing their significant other with a legally purchased gun. Now the four homicides this week sound like they could be gang / drug dealing related and are the types of things the police can impact. 

Edited by CLT2014
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45 minutes ago, CLT2014 said:

We kicked off the year with a big uptick in household violence. Most of the homicides started out as boyfriend killing girlfriend, wife killing husband, friends killing friends during a fight, etc... type of stuff. The police can work towards bringing down gang violence by breaking up gangs and stop homicides like that, but they don't live in our living rooms. If people have guns and knives and want to kill the person next to them, they will. The police just get called to pick up the body.

They have been pleading people to de-escalate their arguments and are removing illegal guns off the street, but they can't do much about somebody killing their significant other with a legally purchased gun. Now the four homicides this week sound like they could be gang / drug dealing related and are the types of things the police can impact. 

I taught in inner-city schools. De-escalation generally works great in workshops and on paper. These people don't de-escalate. Just imagine how many deaths there would be if all of those that are shot daily died. I guess it is lucky for many that these thugs don't spend much time on the firing range practicing. :tw_grimace:

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This should go under Weird News of Charlotte but I will put it here could be good news depending on your perspective. New reality TV show called Sidechicks of Charlotte is in filming around town

 http://www.kvue.com/features/trending-today/new-reality-show-features-seven-sidechicks-of-the-queen-city/444880089   Should be Interesting LOL! 

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I'd venture to say that the cops can do very little about homicides. To an extent, it is what it is and is cyclical. And not to make light of the 35 killed to date, at present rate Charlotte would probably not crack the top-25 in homicides.

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On 6/2/2017 at 7:06 PM, KJHburg said:

This should go under Weird News of Charlotte but I will put it here could be good news depending on your perspective. New reality TV show called Sidechicks of Charlotte is in filming around town

 http://www.kvue.com/features/trending-today/new-reality-show-features-seven-sidechicks-of-the-queen-city/444880089   Should be Interesting LOL! 

This is so utterly ridiculous. Way to go Charlotte. -_-

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