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You can definitely argue that Charlotte can both compete with and is ahead of Atlanta when it comes to banking. Charlotte pretty much treats Atlanta banks like they do Winston-Salem's
Interesting that Truist is building a new HQ's and trading floor for their Investment Bank in Atlanta.
New York City is the largest banking center in the country by far. Charlotte, is the #2 banking center by assets in the USA. Is Charlotte respected as a legitimate banking center? I’m sure with the salaries and high paying jobs within the industry, some may prefer living on 5th Avenue, or South Beach, or some upscale area of San Francisco.
I love Charlotte. The city has experienced some of the best growth in the USA over the last ten years. Seems like nothing is slowing down in Uptown Charlotte. It may be the smallest city/metro of the cities mentioned, but the area is great for families and the city has many festivals and events throughout the year.
Since that Census list, which measured in-metro amounts on deposit with banks located in a metro area, I'm guessing that this #2 by assets stat measures amounts on deposit with banks headquartered in a given city, regardless what metro or state their branches are located in.
Frankly, it doesn't surprise me that BofA has more money on deposit in San Francisco than in Charlotte, as SF is where the bank bearing that name was headquartered before Charlotte-based NationsBank acquired it.
That doesn't mean that Charlotte isn't respected as a legitimate banking center. At this point, I think it's proven to be so as long as its status as a banking center isn't conflated with financial center (which it sometimes is).
Pretty much this. Though I'd say it's almost always conflated with being a financial center.
Also, Charlotte itself is a pretty major banking center but most of the functions are more corporate than actual Finance. Is Charlotte a major Financial Center? Not really that much more than other US cities (the size of financial centers seem pretty aligned with the size of the local economy by size and population centers also by size.) Corporate functions of the bank? It's significant.
It's also worth pointing out, Charlotte being the "2nd largest" Banking Center (in the US) is based on I believe the assets of the banks HQ-ed there. All it takes is BofA to just move it's HQ and it's 3rd or less again. But that still doesn't change the fact that the corporate functions (especially Fin Tech) of banks remains very strong in Charlotte (see Wachovia/Wells Fargo has grown the employment based in Charlotte since the acquisition and has more employees than BofA in Charlotte).
So it is a significant Banking hub by assets and even more-so by corporate functions. Financial Centre, it's quite par given it's size.
So, are investment opportunities and investment banking positions lacking in Charlotte? Would per capital income be much lower in Charlotte versus San Francisco, Miami, or Atlanta, not factoring cost of living?
Pretty much this. Though I'd say it's almost always conflated with being a financial center.
Also, Charlotte itself is a pretty major banking center but most of the functions are more corporate than actual Finance. Is Charlotte a major Financial Center? Not really that much more than other US cities (the size of financial centers seem pretty aligned with the size of the local economy by size and population centers also by size.) Corporate functions of the bank? It's significant.
It's also worth pointing out, Charlotte being the "2nd largest" Banking Center (in the US) is based on I believe the assets of the banks HQ-ed there. All it takes is BofA to just move it's HQ and it's 3rd or less again. But that still doesn't change the fact that the corporate functions (especially Fin Tech) of banks remains very strong in Charlotte (see Wachovia/Wells Fargo has grown the employment based in Charlotte since the acquisition and has more employees than BofA in Charlotte).
So it is a significant Banking hub by assets and even more-so by corporate functions. Financial Centre, it's quite par given it's size.
No you definitely hit it dead on. Im that younger crowd and absolutely nobody has had a neutral or negative opinion on Charlotte. It is almost always positive to an extent.
I think it can compete.
I’m probably around your age, and Charlotte is ABSOLUTELY seen as a desirable place among peers.
What kind of banking jobs are we talking? Charlotte is labor cost arbitrage for back office employees. If you're IT or a mid-tier paper shuffler, the standard of living is much higher in Charlotte because housing costs are so much lower relative to the pay scale. If you're a Harvard MBA investment banker, you don't work in Charlotte.
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