BankTown Banking & Finance News

[KJHburg]

2 hours ago, CLT2014 said:

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. 

they already about a year ago decided they would not anchor any new office tower in the 7th and Tryon project.   However they may consolidate more people to their owned buildings such as the Truist Tower uptown.  I wonder if they will really shrink even more space in Atlanta. 

[Crucial_Infra]

The only thing I want Truist to cut back on is the gaudy light presentation on their uptown building. Purple at the top is fine. Purple on the sides looks awful but I digress. 

[J-Rob]

11 hours ago, KJHburg said:

I wonder if they will really shrink even more space in Atlanta. 

I was thinking Winston-Salem more than Atlanta.

[kermit]

 

24 minutes ago, J-Rob said:

I was thinking Winston-Salem more than Atlanta.

Yea, this. Shareholders are tired of waiting on management-footprint reductions and they need to see visible indications of cost-savings from the merger. I would not be surprised to see Winston (and most other leftover BB&T offices in NC) get zeroed out,

[Blue_Devil]

1 hour ago, kermit said:

 

Yea, this. Shareholders are tired of waiting on management-footprint reductions and they need to see visible indications of cost-savings from the merger. I would not be surprised to see Winston (and most other leftover BB&T offices in NC) get zeroed out,

Yah, Winston, and S Florida from legacy Sun Trust.

[kermit]

On 9/12/2023 at 8:37 AM, kermit said:

 

Yea, this. Shareholders are tired of waiting on management-footprint reductions and they need to see visible indications of cost-savings from the merger. I would not be surprised to see Winston (and most other leftover BB&T offices in NC) get zeroed out,

Looks like the writing is on the wall for the former BB&T offices in Winston:

Quote

Once the headquarters of one of its constituent banks, the Triad is now sharing a regional market president with Charlotte-based Truist. Truist announced Friday that its Triad region will be part of the newly formed North Carolina West region encompassing greater Charlotte, Asheville and foothills, led by Heath Campbell, regional president of the Greater Charlotte area.

https://www.bizjournals.com/triad/news/2023/09/15/truist-charlotte-triad.html

[Genesis704]

Is Wells Fargo hinting at trying to establish this signature tower as its global headquarters now?

and hopefully it’s not like T R U I S T

https://amp.charlotteobserver.com/news/business/article279825184.html

 

edit: wouldn’t be surprised if we get this.

 

Edited September 29, 2023 by Genesis704

[Matthew.Brendan]

22 hours ago, Genesis704 said:

Is Wells Fargo hinting at trying to establish this signature tower as its global headquarters now?

and hopefully it’s not like T R U I S T

https://amp.charlotteobserver.com/news/business/article279825184.html

 

edit: wouldn’t be surprised if we get this.

 

Edited September 29, 2023 by Matthew.Brendan
i need better tools

[DMann]

Love it!

 

[Blakcatfan]

1 hour ago, Matthew.Brendan said:

Crazy thing is, this still looks better than the Truist signage.

 

[go_vertical]

38 minutes ago, Blakcatfan said:

Crazy thing is, this still looks better than the Truist signage.

 

This is true.

[KJHburg]

""Mitsubishi UFJ Financial Group is planning to leave its uptown office next summer after being in Charlotte for a few years.""

all I could read from the Observer.  Didnt they sell their US banking business to someone else who also has a presence in the Charlotte area?  I forget the back story.  

[CLT2014]

1 hour ago, KJHburg said:

""Mitsubishi UFJ Financial Group is planning to leave its uptown office next summer after being in Charlotte for a few years.""

all I could read from the Observer.  Didnt they sell their US banking business to someone else who also has a presence in the Charlotte area?  I forget the back story.  

Union Bank that was out west (California, Oregon, Washington) + commercial offices in some major metros, was sold to US Bank. 

[kermit]

Truist appears to be cashing out their insurance business. The good news is they are getting 25%  more for the unit than what analysts were valuing it a few months ago, but this does remove a revenue stream that made Truist a bit sturdier than the other banks in town. 

Perhaps they could use some of the $10 billion to upgrade signs and lighting at the HQ?

Edited October 10, 2023 by kermit

[KJHburg]

3 hours ago, CLT2014 said:

Union Bank that was out west (California, Oregon, Washington) + commercial offices in some major metros, was sold to US Bank. 

that is what I could not remember.  US Bank hopefully they will absorb these local people into their offices here. 

[KJHburg]

Well Tampa is getting a big office of MUFG that was started here.  From the Tampa Biz Journal and I guess the Japanese bank wanted to really separate from what it sold to US Bank.  

""Mitsubishi UFJ Financial Group is opening an East Coast hub in Tampa that will eventually employ up to 500 people.

MUFG, which is based in Tokyo and has U.S. headquarters in New York, has subleased 80,000 square feet of PricewaterhouseCoopers LLP’s campus in MetWest International, the Tampa Bay Business Journal has learned.

MetWest International is a mixed-use development in Tampa’s Westshore business district. MUFG is taking the third, fourth and eighth floors in MetWest III at 4050 W. Boy Scout Blvd.

The bank did not previously have a presence in the Tampa Bay area. While it has locations throughout the U.S., the Tampa office is the bank’s first Florida location.

Representatives from MUFG confirmed the location to the Business Journal on Monday. It plans to hire for roles in operations, technology, risk, finance, audit and human resources.""

Edited October 17, 2023 by KJHburg

[DonkeyKong]

https://www.bizjournals.com/charlotte/news/2023/10/19/huntington-national-bank-uptown-building-one-south.html?cx_testId=40&cx_testVariant=cx_23&cx_artPos=0#cxrecs_s

[davidclt]

On 10/10/2023 at 1:02 PM, KJHburg said:

that is what I could not remember.  US Bank hopefully they will absorb these local people into their offices here. 

US Bank released a vast majority of the MUFG employees they acquired (>95% based on anecdote and rumor). There are a number of rumors about why MUFG is departing from Charlotte.

[Norm2]

20 minutes ago, davidclt said:

US Bank released a vast majority of the MUFG employees they acquired (>95% based on anecdote and rumor). There are a number of rumors about why MUFG is departing from Charlotte.

What are the rumors?

[KJHburg]

9 hours ago, davidclt said:

US Bank released a vast majority of the MUFG employees they acquired (>95% based on anecdote and rumor). There are a number of rumors about why MUFG is departing from Charlotte.

Yes what are the rumors?  they seems to be opening up a large office in Tampa.  Is it they want to pay less and dont like all the competition here?   That is why Alliance Bernstein chose Nashville over Charlotte they wanted a cheaper labor pool.  

[davidclt]

9 hours ago, norm21499 said:

What are the rumors?

28 minutes ago, KJHburg said:

Yes what are the rumors?  they seems to be opening up a large office in Tampa.  Is it they want to pay less and dont like all the competition here?   That is why Alliance Bernstein chose Nashville over Charlotte they wanted a cheaper labor pool.  

That's two of the four or five (mostly the competition and the wage pressure, they weren't fond of or ready for). Landlord was going to substantially raise the rent on their "Class A" office space that was lightly remodeled (not sure where the line between classes A, B, C, D and F are but I'd call it B-/C+), exec that open the Charlotte office departed and there was a vacuum of leadership. It also appears Tampa and possibly Florida are offering incentives.

Edited October 20, 2023 by davidclt

[KJHburg]

1 minute ago, davidclt said:

That's two of the four or five (mostly the competition and the wage pressure, they weren't fond of or ready for). Landlord was going to substantially raise the rent on their "Class A" office space that was lightly remodeled (not sure where the line between classes A, B, C, D and F are but I'd call it B-/C+), exec that open the Charlotte office departed and there was a vacuum of leadership. It also appears Tampa and possibly Florida are offering incentives.

Interesting.  they took sublease space in Tampa which is almost always below market rents.  However it is suburban in nature.  They could have found space in Charlotte for around the same price if they look at the suburbs I am sure.  Wage issues I knew it  but we have such a good labor pool here for financial markets.  I did not see any incentives mentioned in the article in Tampa Biz Journal but maybe there were some.  FL does not have a lot of incentives like NC does.  

[15895]

11 minutes ago, KJHburg said:

Interesting.  they took sublease space in Tampa which is almost always below market rents.  However it is suburban in nature.  They could have found space in Charlotte for around the same price if they look at the suburbs I am sure.  Wage issues I knew it  but we have such a good labor pool here for financial markets.  I did not see any incentives mentioned in the article in Tampa Biz Journal but maybe there were some.  FL does not have a lot of incentives like NC does.  

I dunno what it is about Tampa being competitive with these types of Financial jobs.

Citi too has grown into a huge hub there (~10,000 employees). 

[Windsurfer]

4 hours ago, AirNostrumMAD said:

I dunno what it is about Tampa being competitive with these types of Financial jobs.

Citi too has grown into a huge hub there (~10,000 employees). 

I've met a few investment bankers down there who are crazy about sailing.  Tampa Bay sure is nice for that.

[Matthew.Brendan]

 

Wells Fargo To Expand in New York City’s Hudson Yards, Relocating 2,300 Employees

Bank Plans To Take Former Neiman Marcus Space at Biggest US Private Real Estate Development

Wells Fargo has bought the former Neiman Marcus space at 20 Hudson Yards with plans to relocate about 2,300 employees from across town. Its new space, depicted in a rendering, will overlook the public art installation known as the Vessel. (Wells Fargo)

By Andria Cheng
CoStar News

November 28, 2023 | 4:34 P.M.

Banking giant Wells Fargo is expanding its office footprint in New York City's Hudson Yards, billed as the largest U.S. private real estate development, and consolidating most of its city office employees at one location.

Wells Fargo has bought 445,000 square feet across floors five to seven at 20 Hudson Yards within the mixed-use development in Manhattan, a company spokesperson told CoStar News, adding the deal occurred this month. That adds to the nine floors Wells Fargo previously purchased at 30 Hudson Yards in 2015. The buildings are connected internally and will include 950,000 square feet in total, the spokesperson said.

Wells Fargo is said to have shelled out about $550 million for what was formerly a Neiman Marcus luxury retail store at 20 Hudson Yards. The spokesperson declined to comment on deal terms.

About 2,300 Wells Fargo employees are expected to move to the new space from the company’s current office at 150 E. 42nd St. beginning in late 2026, the San Francisco-based firm said in a statement. Wells Fargo already has some 2,000 employees based at 30 Hudson Yards, the company spokesperson told CoStar News.

The relocation plan affects only its Manhattan office staff and doesn’t include nearby offices in New Jersey, or retail branch locations, the spokesperson said, adding New York and New Jersey is one of Wells Fargo’s 10 largest employment markets.

Wells Fargo’s current space at 150 E. 42nd, between Lexington and Third avenues and owned by David Werner Real Estate, spans more than 433,000 square feet, according to CoStar data.

“This investment further solidifies our long-standing commitment to NYC and will help us create an enhanced, more collaborative environment for our NYC-based employees,” Wells Fargo CEO Charlie Scharf said in the statement. “Our new space at Hudson Yards will allow us to bring our Manhattan employees together in one place where they can work in a new, modern workplace as we work to build a stronger company.”

Wells Fargo has engaged Hudson Yards' developer Related Cos. to design its newly bought space, depicted in a rendering, at 20 Hudson Yards. (Wells Fargo)

Wells Fargo has engaged Related Cos., Hudson Yards' developer, to convert the space. Its new offices will include room for collaborative work and amenities such as a food hall with rotating local restaurants, Wells Fargo said, adding there also will be an all-day coffee bar with views including that of the Vessel, the giant honeycomb-looking public art installation that's the focal point of the complex.

The building will include a dedicated entrance for Wells Fargo on 10th Avenue and naming rights on the exterior of the property.

Besides office space, the massive $25 billion mixed-use Hudson Yards features an Equinox hotel and residential towers as well as retail shops, restaurants and tourist attractions such as the popular Edge observation deck. It’s across from Brookfield’s Manhattan West development and near Vornado’s Penn District complex surrounding the Penn Station transit hub.

Hudson Yards has benefited from the so-called flight to quality of well-resourced companies seeking new or renovated top-tier properties to attract and keep talent. It also counts among other office occupants private equity firm KKR, which this year signed a lease spanning about 220,000 square feet at 30 Hudson Yards to double its already sizable footprint at the complex.

50 Hudson Yards, billed as the fourth-largest office building in New York and biggest to debut during the pandemic, counts investment giant BlackRock and Facebook parent Meta as its two largest tenants.

Wells Fargo’s “significant expansion demonstrates both the success of Hudson Yards' modern lifestyle offices and live, work, play environment, as well as the power of New York City to meet the evolving needs of the world’s most innovative companies,” Jeff Blau, CEO of Related Cos., said in the statement.

Edited December 1, 2023 by Matthew.Brendan