BankTown Banking & Finance News

[SydneyCarton]

They send a lot of mortgage servicing work there and to Columbus.  DFW is probably the biggest hub for mortgage servicing in America, and Columbus was Bank One's mortgage servicing hub when JPM took over that bank.  Thus, it remains Chase's biggest servicing hub followed by DFW and Jacksonville.

Other jobs though like legal, accounting, HR, marketing should come to Charlotte though IMO.

JPM is keeping around 20,000 jobs in NY in their new 1,500’ palace.  Everyone else is going to lower cost locales, and the QC is better than any of them.

Edited December 31, 2019 by SydneyCarton

[KJHburg]

Check out prediction # 6 from finance executives about where financial firms are going (and where they are moving from ) and of course Charlotte is mentioned.

https://vidmid.com/news/these-26-predictions-from-finance-execs-reveal-how-much-wall-street-jobs-will-transform-over-the-next-decade?uid=166840

[Guest]

12 minutes ago, KJHburg said:

Check out prediction # 6 from finance executives about where financial firms are going (and where they are moving from ) and of course Charlotte is mentioned.

https://vidmid.com/news/these-26-predictions-from-finance-execs-reveal-how-much-wall-street-jobs-will-transform-over-the-next-decade?uid=166840

fudging AP style sheets. Nashville a much smaller city gets no state mention. 

[KJHburg]

speaking of finance firms opening in Charlotte in the last year  all NYC based

MUFG Union Bank up to 104 employees  (parent is Japanese mega bank) 

Moody's  up to 87

Better.com mortgage lender up to 108

 

[Blue_Devil]

37 minutes ago, KJHburg said:

speaking of finance firms opening in Charlotte in the last year  all NYC based

MUFG Union Bank up to 104 employees  (parent is Japanese mega bank) 

Moody's  up to 87

Better.com mortgage lender up to 108

 

So I can give a little insight on the Moody's jobs. I turned down an offer from them last month, and instead took a position at Wells. 

 

Anyway, Moody's expansion is a lot bigger then what is being reported. Moody's Investment Services is going to use the Charlotte office as a Attorney hub, and possibly other admin hubs, and Moody's Analytics is probably going to keep expanding operations there quite a bit over the next 5 years. 

[videtur quam contuor]

On 11/23/2019 at 11:11 AM, Blue_Devil said:

Hi everyone. I am not sure where to put this, but I have been following this forum for a while. It looks like I am getting a job at a new financial firm moving to Charlotte, who will be growing their presence over the next 5 years. I live in Durham, and haven't been to Charlotte too much. Can anyone tell me what the commute is like to uptown along Providence Rd from 485? Google has it anywhere from 25 minutes to an Hour around 7:30. 

Also, if this is off topic and should be moved else where, just let me know. 

Great that you joined the fray. Where did you settle?

[Blue_Devil]

2 hours ago, tarhoosier said:

Great that you joined the fray. Where did you settle?

Ended up with an apartment in the South End area so I could take the rail in! I decided to avoid traffic all together. My wife and I are going to start looking around once we get more settled. 

[Nick2]

3 hours ago, Blue_Devil said:

Ended up with an apartment in the South End area so I could take the rail in! I decided to avoid traffic all together. My wife and I are going to start looking around once we get more settled. 

Welcome to the forum and the city!

[KJHburg]

from an article in the Charlotte Observer this and for the last 10 years Bank of America always said it had 15,000 employees now they say 1000 more.  Imagine the excitement if it was announced a new employer coming to town was bringing 1000 jobs and here we have it.  What I already said the local big banks have quietly kept growing in Charlotte.

""The Charlotte-based bank added 3,600 employees in 2019, bank spokesman Mark Pipitone confirmed Friday. CEO Brian Moynihan announced the year-end data in a memo earlier in the day.  Its total headcount now sits at about 208,000 companywide, with 16,000 based in Charlotte. Bloomberg News earlier reported the figures.""

Read more here: https://www.charlotteobserver.com/news/business/banking/article238948993.html#storylink=cpy

Wells Fargo is over 27,000 last I heard or read.  

[HopHead]

18 hours ago, KJHburg said:

from an article in the Charlotte Observer this and for the last 10 years Bank of America always said it had 15,000 employees now they say 1000 more.  Imagine the excitement if it was announced a new employer coming to town was bringing 1000 jobs and here we have it.  What I already said the local big banks have quietly kept growing in Charlotte.

""The Charlotte-based bank added 3,600 employees in 2019, bank spokesman Mark Pipitone confirmed Friday. CEO Brian Moynihan announced the year-end data in a memo earlier in the day.  Its total headcount now sits at about 208,000 companywide, with 16,000 based in Charlotte. Bloomberg News earlier reported the figures.""

Read more here: https://www.charlotteobserver.com/news/business/banking/article238948993.html#storylink=cpy

Wells Fargo is over 27,000 last I heard or read.  

A lot of truth here. SO many of the jobs the banks are adding (not just BofA and Wells) go unnoticed because there are no "pat yourself on the back" press conferences to announce the jobs with city leaders or the governor. My better half works for Wells (since the First Union days) and she says the amount of hiring in Charlotte they are doing is unprecedented, especially six figure jobs. Not surprised the local number is over 27,000 now for Wells Fargo. 

[KJHburg]

6 hours ago, HopHead said:

A lot of truth here. SO many of the jobs the banks are adding (not just BofA and Wells) go unnoticed because there are no "pat yourself on the back" press conferences to announce the jobs with city leaders or the governor. My better half works for Wells (since the First Union days) and she says the amount of hiring in Charlotte they are doing is unprecedented, especially six figure jobs. Not surprised the local number is over 27,000 now for Wells Fargo. 

Wells has over 750 people parked in a couple of floors of WeWork in First Citizens Bank Plaza too awaiting space elsewhere I guess.  

[sclark]

Looks like another Wells exec is moving to Charlotte. https://www.bizjournals.com/charlotte/news/2020/01/08/td-bank-exec-moving-to-charlotte-for-key-role-at.html?iana=hpmvp_clt_news_headline

[SydneyCarton]

Maybe JPMC will move jobs to NC.  A few thousand jobs and a new 500k+ sf tower would be nice.

 

Bank of America, JPMorgan execs praise NC's 'winning' ways

 

https://www.bizjournals.com/triangle/news/2020/01/08/bank-of-america-jpmorgan-execs-praise-ncs-winning.html

Edited January 8, 2020 by SydneyCarton

[KJHburg]

Interesting a local bank is moving their HQ to FreeMore from twitter and Business NC

Pinnacle Financial Partners $PFNP is moving its #Charlotte HQ to Refinery bldg near downtown. 11k sq ft site. #Nashville-based Pinnacle bought BNC Bancorp of High Point for $1.9B in 2017. #ncbanks

@NCBankers

[Mgelbach]

Super trivial compared to some of the other news around here, but I've heard Monday or Tuesday Truist tower will light up with the new company colors! So sneak peak on the new branding?

[KJHburg]

3 hours ago, Mgelbach said:

Super trivial compared to some of the other news around here, but I've heard Monday or Tuesday Truist tower will light up with the new company colors! So sneak peak on the new branding?

Interesting as on Tuesday the new name goes up on the SunTrust Ballpark in the ATL so maybe everything will be revealed.  They already ripped the old SunTrust signs down in Atlanta at the ballpark. 

[Miesian Corners]

On 1/11/2020 at 4:11 PM, Mgelbach said:

Super trivial compared to some of the other news around here, but I've heard Monday or Tuesday Truist tower will light up with the new company colors! So sneak peak on the new branding?

Sounds legit. The top of the tower has been dark for nearly a week now. 

[CharlotteWkndBuzz]

2 hours ago, Miesian Corners said:

Sounds legit. The top of the tower has been dark for nearly a week now. 

I hope that down time was because of a lighting upgrade?  The Hearst/Truist tower has had the weakest light game in Uptown of all our big towers.  Would be nice to introduce the new company colors with a bang on their new tower with an upgraded lighting system.

CO: New color reveal:

https://www.charlotteobserver.com/news/business/banking/article239179823.html#storylink=mainstage_card2

Edited January 13, 2020 by CharlotteWkndBuzz

[Madison Parkitect]

42 minutes ago, CharlotteWkndBuzz said:

I hope that down time was because of a lighting upgrade?  The Hearst/Truist tower has had the weakest light game in Uptown of all our big towers.  Would be nice to introduce the new company colors with a bang on their new tower with an upgraded lighting system.

CO: New color reveal:

https://www.charlotteobserver.com/news/business/banking/article239179823.html#storylink=mainstage_card2

Color is fine I guess, whatever, but man that logo sucks. Two Ts representing touch and technology? Suuure. And it looks too much like the Square logo.

[CLT2014]

1 hour ago, Madison Parkitect said:

Color is fine I guess, whatever, but man that logo sucks. Two Ts representing touch and technology? Suuure. And it looks too much like the Square logo.

I actually like the logo. It is contemporary and streamlined. Logos don't mean much without marketing anyhow. After enough television commercials, billboards, web banner ads, and signs on bank branches we'll all associate this with Truist just like we all accept Chase Bank's octagon logo as fact / undoubtedly "Chase"... which is a styled representation of the water pipes like by the Manhattan Company, nailed together with wooden planks.  MasterCard is just two circles, overlapping like a ven diagram. Deutsche Bank is a blue box with an angled line. Regions is a triangle with lines in it.... most logos are just abstract shapes that the "real meaning" is only known by insiders. Overtime, you brainwash people enough and they associate a blue octagon with Chase Bank. 

Edited January 13, 2020 by CLT2014

[Tyrone Wiggum]

[15895]

I like it. 

[Yeahdoug]

5 hours ago, CharlotteWkndBuzz said:

I hope that down time was because of a lighting upgrade?  The Hearst/Truist tower has had the weakest light game in Uptown of all our big towers.  Would be nice to introduce the new company colors with a bang on their new tower with an upgraded lighting system.

CO: New color reveal:

https://www.charlotteobserver.com/news/business/banking/article239179823.html#storylink=mainstage_card2

I agree that the Hearst Tower lighting could be so much better.

I freaking love the full length lighting that Duke and LU have. They can do amazing things with those buildings. Funny enough LU has been white every night since the new year. They really cranked up the lighting schemes at the end of last year but have been taking a break lately. 

[KJHburg]

other financial news a Financial Times story about Vanguard which at last count has 1300 jobs in Charlotte located in Water Ridge Office Park off Tyvola.

this is the 2nd largest money manager in the world after BlackRock

""Malvern, Pennsylvania is the quintessential small-town America: verdant, quiet and lined with 19th-century streetlamps. But just outside the town lies the sprawling campus of Vanguard, a $6 trillion asset manager that is reshaping the sleepy town and the surrounding area. “It’s definitely had a major economic impact,” says Christopher Bashore, the borough manager. Indeed, one local hotelier estimates that over half of his guests, a mix of financial advisers, consultants and clients from pension funds, come because of the investment group, which is based in the nearby East Whiteland township.  Once an upstart investment company shunned — even mocked — by rivals, Vanguard has disrupted the investment management world. The cheap index-tracking funds championed by its late founder Jack Bogle helped batter down fees across the industry and have attracted $10tn of assets. The company is now cautiously expanding in Europe, China and elsewhere, moving deeper into financial advice, and even exploring whether it could offer its customers private equity funds.  “The sheer size of Vanguard and the income that it generates allows us to invest more for our clients, roll out things like advice, enter new markets,” Tim Buckley, Vanguard’s chief executive, says in an interview. “Our size gives us the ability to do it while still lowering your costs to improve your returns.”""

subscriber article from Biz journal and Financial Times https://www.bizjournals.com/charlotte/news/2020/01/13/vanguard-and-the-us-financial-system-too-big.html

[KJHburg]

news from San Fran Business Times and it is not rosy about Wells and their "HQ" in San Fran.   I still think they need to announce the new HQ will be in Charlotte which is less than 2 hours to NYC by plane and most of their deposits and customers are east of the Mississippi now too.   They are worried in Cali and they should be most of these scandals originated there.  Not to mention the cost of doing business here in NC is a fraction of that in Cali and most non customer facing jobs should move out of the state.  

""San Francisco Business Times
Feb 11, 2020, 2:46pm PST Updated Feb 11, 2020, 3:19pm PST
Wells Fargo’s restructuring Tuesday included the hiring of another JPMorgan Chase executive who, like CEO Charlie Scharf, will remain based in New York.  Wells said Mike Weinbach will join the bank as CEO of consumer lending in early May.    The hiring occurred as the bank announced it is splitting into five parts, each with its own CEO reporting to Scharf. Two of the divisional CEOs are based in New York, one in Charlotte, North Carolina, and one in Portland, Oregon.   None of the divisional CEOs are based in San Francisco, although one of the CEO slots, overseeing wealth management and investment management, is still open. It will be filled by a New York-based divisional CEO pending a permanent hire.  When I asked Wells Tuesday who in Wells Fargo’s C-suite is still based in San Francisco, the bank provided a list: John Shrewsberry, chief financial officer; David Galloreese, head of human resources; Amanda Norton, chief risk officer; and Julie Scammahorn, chief auditor. All four report to Scharf, who previously led San Francisco-based Visa, until he stepped down in 2016, saying he could no longer spend enough time in San Francisco “to do the job effectively.” His family had remained in New York while he helmed Visa.   One longtime San Francisco-based member of the senior leadership team, Avid Modjtabai, is scheduled to retire in March. She is Wells Fargo’s senior executive vice president and head of the bank’s payments, virtual solutions and innovation group. In announcing Modjtabai’s impending retirement last year, Wells said Ray Fischer was joining the bank in November to lead cards, retail and merchant services. He is based in Wilmington, Delaware.   When asked for comment on whether the bank’s headquarters is gradually stepping away from its historic hometown, a Wells Fargo spokesman said, “Wells Fargo will continue to be headquartered in San Francisco. The company has a nationwide footprint, a nationwide customer base and a team of 260,000 throughout the country.”   Wells Fargo’s headquarters location is a concern as several other San Francisco companies, including Charles Schwab Corp. and McKesson, have recently moved their headquarters out of California or announced plans to do so. Various smaller companies have done likewise.  But if Wells Fargo were eventually to move its headquarters out of San Francisco, the optics would be even worse than those departures. The bank is the fourth-largest employer in the Bay Area, with about 13,483 employees, according to Business Times research. In corporate philanthropy, Wells ranked fifth, based on $22.4 million in cash contributions to Bay Area nonprofits.   The Bay Area would continue to be a major market for the bank — as it is for Bank of America, which moved its headquarters to Charlotte in 1998. But the region could lose the civic leadership that is often focused in a company’s headquarters city. Plus, Wells Fargo roots run deep in California: It was founded in 1852 when founders Henry Wells and William Fargo failed to convince their fellow board members at New York-based American Express to expand to the West.""