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Nice try at deflection, Charlotte. Coke is still going to aquire Cheerwine as payback.
If that’s what Atlanta has got to do, “steal” cheerwine from Salisbury, North Carolina, because of the BBT/SunTrust merger, ok. Lol.
This is a merger and acquisition. This is what happens. And it’s always emotional. Minneapolis lost its beloved Northwest to Delta and the HQ shifted from Minny to ATL. There’s lots of mergers and acquisitions where people bemoan the outcome that doesn’t work in their favor. But at the end of the day, it’s great for those with a financial stake in the companies performance, scalability it’s key.
So, my opinion is they chose Charlotte because it is a Fin-tech hub. Fintech is very big in CLT. Most of Charlottes finance jobs are actually tech jobs. CLT’s largest tech employers are BofA and Wells among other financial companies. I think Charlotte has a better talent pool and a deep bench of fintech talent. In fact, I feel like some of the articles mentioned Charlotte getting a large digitial transformation from the merged company.
I would say it wasn’t so much Charlotte is a banking hub so much as it’s a fintech hub that the city made sense for a combined presence. A name change, etc. probably indicates it’s looking to get more technological and not become a dinosaur.
Article on Charlotte being a top tech city (and again. It’s all financial. When I worked for BofA, they always said we were a tech company, not a bank)
I think that’s what it came down to. Along with just a personal preference maybe by the BBT team to remain in NC. Sometimes top execs have that sway. Most of the time, they don’t. I doubt it was a deciding factor here, but surely not a deciding factor.
A better, bigger Charlotte, Nashville, Raleigh, Orlando, Tampa, Austin is a more interesting Atlanta IMO. And there’s other benefits to a thriving region.
For the record, you don't have to be home to $100 billion or even $1 trillion dollar financial institutions to be a "hub."
That's like saying Atlanta isn't a film hub because it's not home to the largest film conglomerates.
Yes does, Your comparing minor places in a industry to major places.
And there a terrible comparison. there dozens and dozens of cities that have banks, Having a HQ doesn't qualify means in a top cities in that industry.
New York, Charlotte, SF are top cities in finance. Atlanta before the merger was a second tier finance city, with in the top ten leading cities in finance, however Dallas and Houston are not even in the top 15, It's not an industry there cities are most known for or something there cities lead in. after the big 3 New York, Charlotte, SF, is Dallas and Houston is in next tier after them, still no.
There film and the Entertainment industry is different because there far less major studio and companies then their are banks. There no secret that LA and NY are on a another level, but after them Atlanta would end up likely in the top 5 or easily top 10 in importance. While Atlanta doesn't have the amount higher level studios HQ LA and NY has, it's does have far more what the average American city have.
Your using term hub extremely generous. When there are cities with more 2 Trillion "dollar financial institutions" calling cities "hub" with barley or less than 100b a hub, is extremely generous.
Yes it does suck that Atlanta does falls from being a top 10 finance city, But your making it seem like it's unusual for a major city to be minor in this industry, And describing other minor cities painting them as if they are the powerhouses in fiance.
Cities have different strengths and weakness that lead in different in industries. Atlanta took a blow in one but still lead in others. Suntrust is not even the largest F500 Atlanta have, The Home Depot, UPS, Coca-Cola and etc etc are larger. Atlanta still also has one of the highest amount of F500 and F1000 companies in the country, I do agree Atlanta has to work on banking but dude the sky is not falling.
If that’s what Atlanta has got to do, “steal” cheerwine from Salisbury, North Carolina, because of the BBT/SunTrust merger, ok. Lol.
This is a merger and acquisition. This is what happens. And it’s always emotional. Minneapolis lost its beloved Northwest to Delta and the HQ shifted from Minny to ATL. There’s lots of mergers and acquisitions where people bemoan the outcome that doesn’t work in their favor. But at the end of the day, it’s great for those with a financial stake in the companies performance, scalability it’s key.
So, my opinion is they chose Charlotte because it is a Fin-tech hub. Fintech is very big in CLT. Most of Charlottes finance jobs are actually tech jobs. CLT’s largest tech employers are BofA and Wells among other financial companies. I think Charlotte has a better talent pool and a deep bench of fintech talent. In fact, I feel like some of the articles mentioned Charlotte getting a large digitial transformation from the merged company.
I would say it wasn’t so much Charlotte is a banking hub so much as it’s a fintech hub that the city made sense for a combined presence. A name change, etc. probably indicates it’s looking to get more technological and not become a dinosaur.
Article on Charlotte being a top tech city (and again. It’s all financial. When I worked for BofA, they always said we were a tech company, not a bank)
I think that’s what it came down to. Along with just a personal preference maybe by the BBT team to remain in NC. Sometimes top execs have that sway. Most of the time, they don’t. I doubt it was a deciding factor here, but surely not a deciding factor.
A better, bigger Charlotte, Nashville, Raleigh, Orlando, Tampa, Austin is a more interesting Atlanta IMO. And there’s other benefits to a thriving region.
I was with you in the first paragraph but it quickly took a nose dive after.
Charlotte is not a bigger tech center than Atlanta. This went to Charlotte for oblivious reason it's already the second largest in banking. And if you think about Charlotte is probably the most neutral city they could choose between Winston-Salem and Atlanta. Yes it's NC but Winston-Salem is not Charlotte. This actually hurts Winston-Salem being a small city with less companies for more than it hurts Atlanta. Winston-Salem is actually the biggest victim regardless it's the same state.
Banks companies are not tech companies they aren't developing companies BoA isn't Apple. They hire people who are good with tech because it's require looking at a lot of information. Security, and developing Apps, thing that specific to there interest in banking, not building the next tech products.
I was with you in the first paragraph but it quickly took a nose dive after.
Charlotte is not a bigger tech center than Atlanta. This went to Charlotte for oblivious reason it's already the second largest in banking. And if you think about Charlotte is probably the most neutral city they could choose between Winston-Salem and Atlanta. Yes it's NC but Winston-Salem is not Charlotte. This actually hurts Winston-Salem being a small city with less companies for more than it hurts Atlanta. Winston-Salem is actually the biggest victim regardless it's the same state.
Banks companies are not tech companies they aren't developing companies BoA isn't Apple. They hire people who are good with tech because it's require looking at a lot of information. Security, and developing Apps, thing that specific to there interest in banking, not building the next tech products.
If your definition of tech jobs is just development of technical applications or appliances then you are not very informed of the tech industry. Not only is it important for these means to be developed but equally important that a technical populous is enabled to use and apply them. The term 'Tech' is very broad, almost atkin to saying I'm a Doctor. One could work a 'Tech Job' for Kroger's although Kroger's has nothing to do with tech.
By your definition only a handful of employers are actually tech orientated.
A lot of people really are acting as if the sky is falling.
Delta is still here.
Hartsfield-Jackson International Airport is still here.
Coca-Cola is still here.
Georgia Tech is still here.
The CDC is still here.
Emory is still here.
Georgia State is still here.
Mercedes-Benz Stadium is still here.
Mercedes-Benz's North American headquarters is still here.
UPS is still here.
Norfolk Southern is still here.
The film industry is still here.
Etc. Etc. Etc. This merger sucks for those who are directly impacted. But the rest of us? We'll. Be. Fine. Just relax.
Yep.
This is how some in Atlanta are acting in the wake of the news of the BB&T/SunTrust merger...
I was with you in the first paragraph but it quickly took a nose dive after.
Charlotte is not a bigger tech center than Atlanta. This went to Charlotte for oblivious reason it's already the second largest in banking. And if you think about Charlotte is probably the most neutral city they could choose between Winston-Salem and Atlanta. Yes it's NC but Winston-Salem is not Charlotte. This actually hurts Winston-Salem being a small city with less companies for more than it hurts Atlanta. Winston-Salem is actually the biggest victim regardless it's the same state.
Banks companies are not tech companies they aren't developing companies BoA isn't Apple. They hire people who are good with tech because it's require looking at a lot of information. Security, and developing Apps, thing that specific to there interest in banking, not building the next tech products.
I agree with you, sort of. But let me explain to you from the banking side. Banks definitely try to claim to be tech companies. Data is so important in the Banks. Especially large ones with legacy systems. Banks are becoming more digital. Etc. And do you know what the biggest target by hackers, terrorist and foreign agents are? Banks. Especially Bank of America because terrorist and such think it’s literlalg the bank of the USA. I worked in BofA GT&O (Global Technology and operations) and we recruited some folks from lots of other large tech companies who never thought working at a bank sounded appealing but they ended up loving how much tech is actually involved.
I know you alluded to that in your post, why Tech is important to banks, but SunTrust/BBT is a bank lol. They’re not trying to create an Apple Watch. They’re trying to secure data, get their mobile apps working, create the best experiences for treasury management, etc, reduce overhead, get geared for the next gen. Of banking and most importantly.... data, data, data and more data.
So. While I agree with you in general, and on a personal level, that banks aren’t like google and the tech you and I and most laymen’s think of, “fintech” is very much a real thing, a very important sector in the financial world and Charlotte has a thriving fintech industry. Outside of fintech, the tech scene is nada, as evidenced by Amazon not even considering CLT. But fintech, CLT has a solid grip on that sector.
Quote:
From BofA:
Technology is at the heart of everything we do. The team benefits from significant annual investment from the bank to develop and deploy leading-edge technology in areas such as mobile and online banking, payments processing, technology infrastructure, cyber security, risk and capital management, and enterprise data management. Our mainframe environment is the third largest in the world.lol
^ I think that’s the talent that SunTrust wants to draw from. And it’s not just BofA. Wells, Ally, 5/3, And many many other financial institutions have set up shop, particularly “fintech” jobs in CLT.
I mean. It’s the most logical reason presented. In the absence of incentives and whatever. Fintech is Charlotte’s playground. It’s Charlottes forte. I think Charlotte, with its fintech talent, just made a lot of sense.
Looking at what SunTrust/BBT is saying:
Quote:
The $66 billion merger of BB&T Corp. and SunTrust Banks Inc. represents the “ultimate rollout” of the “disrupt or die/disrupt and thrive” philosophy that has become a BB&T mantra for the past two years, says Kelly King, BB&T’s chairman and chief executive.
It also underscores the sobering realization that digital banking is overtaking bank branches much like laptop computers and tablets made desktop computers less relevant.
The initiative has focused on pouring resources into the bank’s digital platform and information-technology network, downsizing the branch footprint, increasing spending on the community bank unit, and relying on organic growth and flat expenses.
.....
“But this is a major move because it gets us an opportunity to accelerate the disruption and make investments that are necessary to develop our digital, technological and innovative platforms.
....
The combined bank will have an innovation and technology center as part of its Charlotte headquarters presence “to drive digital transformation.” The combined bank plans to spend at least $100 million on the digital initiative.
....
“The most efficient and technologically savvy super-regional banks will win, and to that extent, those that can get together and close branches will be super-winners.”
I say it just makes the most sense to put it in CLT based on what the entire merger is about: technology. Atlanta is absolutely a larger tech town than CLT. But they don’t need bio-tech or anything lol. They just need some bankers.
Others have pointed out: ATL leads in many things in the south. It’s a very diverse economy. Strong. It just so happens banking is stronger in CLT.
I know since I’m a Charlotte (and DC) poster, my post are going to be dismissed as just being a fanboy or whatever. But at least it provides a little outside perspective, or a different view. And I think it’s a fair, rational reason (as opposed to some of the crazy conspiracies or doomsday post posted so far)
When other cities in the Southeast thrive, it helps Atlanta. Remember when people used to say “all the Southeast has is Atlanta” when comparing regions? We need to be more than just 1 major city.
When other cities in the Southeast thrive, it helps Atlanta. Remember when people used to say “all the Southeast has is Atlanta” when comparing regions? We need to be more than just 1 major city.
Sure, but this is cannibalization that hurts two southern metros for the benefit of one. Especially Winston-Salem.
If your definition of tech jobs is just development of technical applications or appliances then you are not very informed of the tech industry. Not only is it important for these means to be developed but equally important that a technical populous is enabled to use and apply them. The term 'Tech' is very broad, almost atkin to saying I'm a Doctor. One could work a 'Tech Job' for Kroger's although Kroger's has nothing to do with tech.
By your definition only a handful of employers are actually tech orientated.
I know how broad the term can be and I'm not sure have been paying attention to the conservation cause You literally just made my point,
if you call BoA a tech company then you can call Kroger's a tech company. That exactly my point.
Everything from Film to logistics can be "tech jobs" which would make the definition too broad to the point it become pointless. Charlotte notably ranks behind Atlanta in Tech list and jobs, So if they wanted anything "tech" for them choosing Charlotte it's specifically relating befitting to the financial industry. So why not just say finance? Since modern finance evolves heavy around "fin tech" in the first place.
When people say tech, there usually talking about tech products or telecommunication, or else. You can divide most companies in most industry cause they would all need tech experts. But I get what the poster is saying.
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