BankTown Banking & Finance News

[atlrvr]

Morgan Stanley was apparently looking at Charlotte and Nashville and probably others as recently as last summer per the grapevines.  I definitely think an after-affect of this will be split offices between NY and another city for a lot of major companies, finance and otherwise.  I agree that Charlotte will be on the short list of top 3 on anything finance, and suspect we win score multiple wins.

Citigroup has a large office of multiple roles in Fort Mill, and would expect that to grow.  AIG, Nomura, CIT, Moody's, Refinitiv would all be firms that have reason to grow substantially here.

[videtur quam contuor]

I know that these firms, and all large firms everywhere, have an emergency plan for relocation with offices available in dispersed locations. Weather disasters, terrorism, and other possible issues require they have reserve capacity and access to data in secondary sites. Would they use those locations as their "geographically distributed workforce"?

[CLT704]

12 hours ago, atlrvr said:Citigroup has a large office of multiple roles in Fort Mill, and would expect that to grow.  AIG, Nomura, CIT, Moody's, Refinitiv would all be firms that have reason to grow substantially here.

One company I don’t here much about is TIAA, they’re headquartered in NYC and their bank subsidiary in Jacksonville but have a presence in University. Seem like they’d be a good fit for a HQ relocation to Charlotte, they’re F500 but not as prestigious as  Morgan Stanley. 
 

As for foreign banks, I think we could land Deutsche Bank or Commerzbank fairly easily, or even Allianz. We got year round flights to Frankfurt and Munich. 

[kermit]

2 hours ago, CLT704 said:

One company I don’t here much about is TIAA, they’re headquartered in NYC and their bank subsidiary in Jacksonville but have a presence in University. Seem like they’d be a good fit for a HQ relocation to Charlotte, they’re F500 but not as prestigious as  Morgan Stanley. 
 

As for foreign banks, I think we could land Deutsche Bank or Commerzbank fairly easily, or even Allianz. We got year round flights to Frankfurt and Munich. 

Deutsche Bank was a very strongly rumored to be planning to set up a big office in Charlotte back in 2007, not sure what killed it, may have been recession. Back then I bet 5-6 different people said to be ‘have you heard about the new Charlotte DB office being planned’?

Unfortunately DB has other things on their mind now and is certainly not going to be on an expansion footing any time soon.

Last week's Barrons was discussing a new wave of bank mergers (PNC purchasing Regions was discussed). As an aside in the article they mentioned rumors of a Goldman - Wells linkup which would feature substantial relocation out of NY and SF. It was just a paragraph and attributed to 'rumors on Wall Street.'

Edited May 23, 2020 by kermit

[atlrvr]

34 minutes ago, CLT704 said:

One company I don’t here much about is TIAA, they’re headquartered in NYC and their bank subsidiary in Jacksonville but have a presence in University. Seem like they’d be a good fit for a HQ relocation to Charlotte, they’re F500 but not as prestigious as  Morgan Stanley. 
 

As for foreign banks, I think we could land Deutsche Bank or Commerzbank fairly easily, or even Allianz. We got year round flights to Frankfurt and Munich. 

Both TIAA and AXA have more employees in Charlotte than NYC already.  Talking to someone at TIAA a big reason to not move the HQ from NYC is that being regulated by New York state insurance commission is either an advantage, or so different than other state's regulators that it makes sense to keep HQ there even if most of the staff is elsewhere.

[DH17]

2 hours ago, atlrvr said:

Both TIAA and AXA have more employees in Charlotte than NYC already.  Talking to someone at TIAA a big reason to not move the HQ from NYC is that being regulated by New York state insurance commission is either an advantage, or so different than other state's regulators that it makes sense to keep HQ there even if most of the staff is elsewhere.

I believe AIG is the same.  Expanding presence down here slowly, but many reasons to keep the "official" HQ elsewhere.

[SydneyCarton]

What’s the prospect for luring Silicon Valley to Charlotte lock, stock, and barrel?  Silicon Valley is the future, and the city and state should focus on that.

I think that with Duke  and UNC two hours away, the prospects are pretty good for luring companies like Microsoft, Facebook, Amazon, etc. to move their HQs to SouthEnd.

I’d also like to see Charlotte lure the HQs of military contractors like Lockheed, Northrop, Boeing, etc.  NC is a logical choice given the state’s strong military presence.

Edited May 23, 2020 by SydneyCarton

[kermit]

24 minutes ago, SydneyCarton said:

What’s the prospect for luring Silicon Valley to Charlotte lock, stock, and barrel?

I think that with Duke  and UNC two hours away, the prospects are pretty good.

it would be more realistic to lure Wall Street to N Tryon.  Neither is ever gonna happen.

Specialized knowledge clusters have nothing to do with the cost of space. They are 100% about culture and environment -- no one has figured out how to transplant either of these things. You can get a sense of this cultural gulf by checking out the difference in the amount of venture capital in SV vs NC (we have virtually none).

Edited May 23, 2020 by kermit

[SydneyCarton]

2 hours ago, kermit said:

it would be more realistic to lure Wall Street to N Tryon.  Neither is ever gonna happen.

Specialized knowledge clusters have nothing to do with the cost of space. They are 100% about culture and environment -- no one has figured out how to transplant either of these things.

I think that within ten years, all banks will have left NY and hedge funds, venture capital firms, and PE firms too.    I'd like to see more than that though.  Perhaps, it can lure the film industry from LA.

 

 

 

 

 

Edited May 23, 2020 by SydneyCarton

[Matthew.Brendan]

Lame trolling 

[CharlotteWkndBuzz]

Delete. 

Edited May 24, 2020 by CharlotteWkndBuzz
Wrong thread

[XRZ.ME]

Triangle will be more suitable for tech companies.


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[SydneyCarton]

6 hours ago, XRZ.ME said:

Triangle will be more suitable for tech companies.


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That’s true.

[Hushpuppy321]

8 hours ago, XRZ.ME said:

Triangle will be more suitable for tech companies.


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Why is that?  Research universities, biotech?

[SydneyCarton]

5 hours ago, Hushpuppy321 said:

Why is that?  Research universities, biotech?

I think that it’s good for NC that its two main metros have a particular niche and expertise in which they’re both among the top five or ten in the nation despite the fact that neither Charlotte, nor The Triangle, is nowhere near the top ten metros in terms of population or GDP.   These two cities really hit above their weight.

 

From the World Bank

Edited May 25, 2020 by SydneyCarton

[KJHburg]

small building permit I saw in Biz Journal at a Bank of America owned building 401 N Tryon "Art Storage Consolidation" on the 2nd floor maybe for the bank's art.  It was for $270K so the art must be special.   Does anyone know of this project? 

[Guest]

On 5/25/2020 at 10:46 AM, SydneyCarton said:

I think that it’s good for NC that its two main metros have a particular niche and expertise in which they’re both among the top five or ten in the nation despite the fact that neither Charlotte, nor The Triangle, is nowhere near the top ten metros in terms of population or GDP.   These two cities really hit above their weight.

 

From the World Bank

We are soooo close to passing Riverside.

[SydneyCarton]

That list is really telling.  Charlotte and the Triangle are significant players in the fields of finance and pharma, respectively, despite having relatively small economies and populations.  I think that’s pretty impressive.

Edited May 27, 2020 by SydneyCarton

[Blue_Devil]

I mean if you combine both the Triangle and Charlotte like they do with Miami Fort Lauderdale, We are 12th

[SydneyCarton]

23 minutes ago, Blue_Devil said:

I mean if you combine both the Triangle and Charlotte like they do with Miami Fort Lauderdale, We are 12th

Miami and Ft. L are in the same metro area.  They’re only about twenty-five miles apart, and that distance is all completely developed.   There’s no farmland, etc. between the two cities.  

Anyway, Charlotte and the Triangle  have considerable significance  in their fields despite being relatively small.

 

Edited May 27, 2020 by SydneyCarton

[Blue_Devil]

31 minutes ago, SydneyCarton said:

Miami and Ft. L are in the same metro area.  They’re only about twenty-five miles apart, and that distance is all completely developed.   There’s no farmland, etc. between the two cities.  

Anyway, Charlotte and the Triangle  have considerable significance  in their fields despite being relatively small.

 

Yah, I lived there a while, Miami Fort Lauderdale and Palm beach while close are all pretty distinct.

[KJHburg]

EY is doing a series of Charlotte innovators and first up is former CEO of Bank of America Hugh McColl.

https://www.americaninno.com/charlotte/charlotte-partner-content/innovators-of-charlotte/building-a-bank-and-a-city

[KJHburg]

Since Wells Fargo bases some of their top execs in San Fran not all but some this will affect them.   Time for the stagecoach to move east by southeast to the city where they employ the most.

https://www.foxbusiness.com/money/san-francisco-overpaid-executive-tax-on

More on this

https://www.sfchronicle.com/bayarea/article/SF-proposal-to-tax-companies-with-high-paid-execs-15342547.php

and more

https://www.pwc.com/us/en/state-local-tax/newsletters/salt-insights/assets/pwc-san-francisco-proposes-tax-on-businesses-with-high-executive-pay.pdf

quick check of Wells Fargo open jobs 54 in the San Fran Oakland area vs. 319 in Charlotte!  vs. 141 Minneapolis St Paul 

Edited June 16, 2020 by KJHburg

[QCxpat]

15 hours ago, KJHburg said:

Since Wells Fargo bases some of their top execs in San Fran not all but some this will affect them.   Time for the stagecoach to move east by southeast to the city where they employ the most.

https://www.foxbusiness.com/money/san-francisco-overpaid-executive-tax-on

More on this

https://www.sfchronicle.com/bayarea/article/SF-proposal-to-tax-companies-with-high-paid-execs-15342547.php

and more

https://www.pwc.com/us/en/state-local-tax/newsletters/salt-insights/assets/pwc-san-francisco-proposes-tax-on-businesses-with-high-executive-pay.pdf

quick check of Wells Fargo open jobs 54 in the San Fran Oakland area vs. 319 in Charlotte!  vs. 141 Minneapolis St Paul 

Wells, when you will say this?

[KJHburg]

In other news US Bank continues to grow here and take away from this article is they are up to 860 employees in Charlotte now.

""U.S. Bank's local corporate and commercial banking operations are typically based in Hearst Tower in uptown. Charlotte-based Truist Financial Corp. (NYSE: TFC) purchased the 970,000-square-foot office tower for $455.5 million in March. It renamed the tower Truist Center.   About 90% of the corporate and commercial banking employees moved to remote work when the virus hit, Kelligrew noted. Some are beginning to return to the office in a limited capacity.   Minneapolis-based U.S. Bank has about 860 employees here, many of whom work in risk and trust services. Less than half of those employees are with corporate and commercial banking.  The bank continues to expand its presence here — a trend that began roughly a decade ago.  Most recently, U.S. Bank established a retail presence in Charlotte. It opened its first local branch at 201 S. Tryon St. in uptown in late 2019. It was also U.S. Bank's first branch in North Carolina.""

https://www.bizjournals.com/charlotte/news/2020/06/29/us-bank-shifts-charlotte-operations.html   subscriber article