BankTown Banking & Finance News

[turbocraig]

Interesting that they’d use the Atlanta skyline in the background in this rendering.  Does anyone know what they’ll name this building now?  

[CLT Development]

1 hour ago, turbocraig said:

Interesting that they’d use the Atlanta skyline in the background in this rendering.  Does anyone know what they’ll name this building now?  

Its Wells Fargo Center, and I'm guessing TVS design did the rendering, they are the architect of the building, and they are from ATL. What interests me, is the vantage point compared to Atlanta would suggest this is like a 18 floor building. 

[Matthew.Brendan]

https://www.npr.org/2023/07/12/1187175777/bank-of-america-agrees-to-pay-250-million-for-illegal-fees-fake-accounts

BoA taking inspiration from Wells Fargo

slap on the wrist and away you go you little scamp tsk tsk tsk

(fine is not even 1% of their profits last year. just another cost of doing business)

[Blue_Devil]

1 hour ago, Matthew.Brendan said:

https://www.npr.org/2023/07/12/1187175777/bank-of-america-agrees-to-pay-250-million-for-illegal-fees-fake-accounts

BoA taking inspiration from Wells Fargo

slap on the wrist and away you go you little scamp tsk tsk tsk

(fine is not even 1% of their profits last year. just another cost of doing business)

I read the CO. The amount of accounts in scope was extremely limited, and the Bank worked with the CFPB and OCC on this. That’s why the “slap on the wrist”

[KJHburg]

JP Morgan Chase is expanding again in the Carolinas and here in Charlotte taking down some more office space.

""JPMorgan Chase & Co. (NYSE: JPM) has updated its expansion plans across the Carolinas, which include adding 200 jobs and more office space in Charlotte.   

The bank plans to add four branches in the Charlotte region by the end of 2024. It currently has 19 branches here.

Chase — which has had a presence in Charlotte for nearly two decades — also plans to add more than 200 employees to the company's commercial banking business here by the end of 2024. To accommodate the increased headcount, it will add 24,000 square feet of corporate office space at the Rotunda Building in SouthPark.

The bank currently has its private, commercial and investment banking services in Charlotte under one roof at Capitol Towers. That SouthPark space is about 35,000 square feet.""

https://www.bizjournals.com/charlotte/news/2023/08/01/jpmorgan-chase-carolinas-expansion-jobs-branches.html?

[Blue_Devil]

There is another JPM Chase rumor swirling related to Operations here as they build out their other businesses. We will see. 

[SydneyCarton]

I’d like to see something like this new JPMC HQ in Charlotte.  It would be nice if they  build Charlotte’s new tallest tower.

 

 

Edited August 1, 2023 by SydneyCarton

[Blue_Devil]

46 minutes ago, SydneyCarton said:

I’d like to see something like this new JPMC HQ in Charlotte.  It would be nice if they  build Charlotte’s new tallest tower.

 

 

Cool thought but they won’t here. They are never going to have the employee type or office needs to do that

Edited August 1, 2023 by Blue_Devil

[SydneyCarton]

25 minutes ago, Blue_Devil said:

Cool thought but they won’t here. They are never going to have the employee type or office needs to do that

Maybe that will change over time.

[RANYC]

What's the rumor on JPM Operations?  Disappointed this isn't in center city.

Edited August 1, 2023 by RANYC

[KJHburg]

quick search of jobs for Chase in Charlotte shows typical branch ones but some tech positions too.  Like a full stack Java engineer, software engineer III,  Middle market credit analysts etc.

https://jpmc.fa.oraclecloud.com/hcmUI/CandidateExperience/en/sites/CX_1002/requisitions?location=Charlotte%2C+NC%2C+United+States&locationId=300000020686076&locationLevel=city&mode=location&radius=25&radiusUnit=MI

 

[ABCW]

4 hours ago, SydneyCarton said:

Maybe that will change over time.

I wouldn't get your hopes up.

[Blue_Devil]

20 minutes ago, RANYC said:

What's the rumor on JPM Operations?  Disappointed this isn't in center city.

JPM lacks a lot of the OPs Risk, Compliance, and Control personnel their peer banks do, mainly because they have not had the regulatory issues their peers have. But banking trends are cyclical and JPM has not advanced their regulatory environment compared to their peers, so they are seeing a increase in lower level MRA and MRIA which come before enforcement actions. So they are trying to build up the knowledge base 

[Blue_Devil]

So the Biz Journal has a huge article on JPM this morning and Charlotte is now an official hub. I would expect another jobs announcement related to this focusing on Operations, Risk Management, and Tech in the next 12 months, in the 500 person range.
 

“There's four lines of businesses at JPMorgan. The commercial bank serves companies generally between $20 million in annual sales up to a few billion in annual sales. So we cover every aspect of those claims. What I do is provide a lot of the functions to support those clients in terms of customer service, technology, operations, marketing, etc. — everything that kind of sits in support of our bankers and our clients. So my functions, globally, we tend to hub in certain locations. I'm not in every location that a banker is going to be, for example. We have probably six to seven hubs in the U.S. We've been growing quite a bit, particularly with technology investments and in support of our growing business and customer service and loan operations, etc. And a couple of my leaders had come from organizations that had hubs here in Charlotte, and (my leaders) suggested that we consider doing that. And since then, we've hired about 100 or so people in those functions — the operations team, the customer service team, onboarding team and the technology teams. We've got senior leaders here that represent every one of those functions. We are expanding quite a bit all over the place, but certainly, on a percentage basis, here more than anything else just given how we're growing so quickly. We took up the 24,000-square-foot space in support of hiring another couple hundred by the end of next year. We're rapidly growing this team, so it's going to become one of our core hub functions in the U.S., particularly in commercial banking”

[KJHburg]

Wonder is JP Morgan Chase would anchor the proposed 300,000 sq ft building Lincoln Harris proposed on Carnegie Blvd.  Seems like they had an opporuntity with this new lease to make an entry in uptown but they did not.  Maybe to distinguish themselves from the other big banks uptown?  

this building I speak of

5954 Carnegie - Lincoln Harris

 

 

[J-Rob]

Maybe we will get a new tallest after all.

Joking aside, more opportunities for Charlotte is always a good thing.

[KJHburg]

48 minutes ago, J-Rob said:

Maybe we will get a new tallest after all.

Joking aside, more opportunities for Charlotte is always a good thing.

I know a huge building that is brand new they could grow into but might be too big for them:  the Centene 700K sq ft building.  

[Blue_Devil]

25 minutes ago, KJHburg said:

I know a huge building that is brand new they could grow into but might be too big for them:  the Centene 700K sq ft building.  

I doubt JPM are going to take a suburban space. Most of the employees they are hiring are uptown and Southpark still works for them

[RANYC]

1 hour ago, Blue_Devil said:

I doubt JPM are going to take a suburban space. Most of the employees they are hiring are uptown and Southpark still works for them

They’ve added just 24,000 square feet to the Southpark office for what I bet are commercial banking sales and coverage folks.  I could see them crafting a totally different set of real estate plans for a high-caliber risk, tech, internal audit, and compliance hub operation.  I could see a space in uptown or south-end as responding to that need.

[Professor]

On 8/1/2023 at 1:23 PM, SydneyCarton said:

I’d like to see something like this new JPMC HQ in Charlotte.  It would be nice if they  build Charlotte’s new tallest tower.

 

 

I wish that they would build out like below and not up. The mountains would also be nice if they were closer to uptown. 

[RANYC]

27 minutes ago, Larry Singer said:

I wish that they would build out like below and not up. The mountains would also be nice if they were closer to uptown. 

Anti-Canopy Charlotte

Edited August 3, 2023 by RANYC

[SydneyCarton]

[KJHburg]

Well this is interesting news disgruntled customer perhaps??

https://www.wsoctv.com/news/local/wells-fargo-myers-park-shot-damaging-atm-building/4GPTZBJK4ZDNLMMQY4JEPYR7H4/

 

[KJHburg]

Well this does not sound good but could be neutral event for Charlotte if Truist concentrates more people here as they will be reducing their corporate footprint.  Some of you may know a lot more about this than is reported here. 

""Charlotte-based Truist Financial Corp.'s plan to cut costs includes a "sizable reduction" in its workforce and consolidation of its leadership team, the bank said in a conference presentation to investors today.

The moves are part of Truist's (NYSE: TFC) larger costs-savings program, which spans from the current third quarter to the first quarter of 2024. A spokesperson at the bank declined to disclose how many jobs will be cut.

The plan includes reducing about $750 million in costs over the next few quarters, which will allow the bank to lower expense growth substantially in 2024. Its reduction in force will shave off about $300 million in costs. Truist also plans to rationalize its technology spend, saving $200 million in that area, as well as save $250 million by consolidating leadership.  "Other cost saves initiatives include aggressively managing third-party spend, further reducing our corporate real estate footprint and rationalizing tech spend, among others," said Bill Rogers, Truist CEO and chairman, during the conference.""

https://www.bizjournals.com/charlotte/news/2023/09/11/truist-plan-sizeable-reduction-force-cost-savings.html

[CLT2014]

Truist is definitely cutting back in technology. I know a few people that have been let go or exited seeing the writing on the wall. I wouldn't expect any new towers from Truist soon as they are under pressure from investors to start producing the results they promised to justify the merger. Bad optics to be building show pieces while you don't produce those expense savings.