Stop freaking out about BofA leaving the Q.C.
November 18th, 2009 by Rhiannon Bowman in Biz, News
Bank of America isn’t the only banking show in town.
While many of his peers are hunkering down in the financial crisis, U.S. Bancorp chief executive Richard Davis is on the offensive.
This spring, for instance, the Minneapolis-based bank announced plans to open a new capital markets and corporate banking office in Charlotte. On Monday, Davis, 51, was in town to meet employees, visit with clients and check out a trading floor set to open Monday in the bank’s Hearst Tower offices.
The bank has nearly 150 employees here in corporate banking, capital markets and a corporate trust business purchased from Wachovia Corp. in 2005. It has said it’s adding a total of about 70 employees here by the end of next year, although Davis said the number could be higher. He said he hasn’t put a cap on hiring here, led by former Wachovia bankers Jim Kelligrew and Dee O’Dell.
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In addition to Kelligrew’s investment-grade bond unit and O’Dell’s Southeast corporate banking business, the Charlotte office has also added employees with expertise in syndicated loans, compliance and municipal bonds. The bank could also make hires in commercial real estate, portfolio management and treasury management.
In retail banking, U.S. Bank recently hired a Wachovia executive, Becky DeGeorge, who helped the Charlotte bank become the leader in customer service among large banks. She will remain based in Charlotte, although U.S. Bank doesn’t have any retail banking locations in the Carolinas.
Read more from The Charlotte Observer here.
In slightly related news: Wells Fargo workers pledge $42M
Just remember to take everything big bankers say with a grain of salt shot of whiskey.
November 18th, 2009 at 12:28 pm
I think BofA leaving is a REALLY BIG deal and should be freaking people out. Its kinda weird how CL has been bashing the CEO for months and now CL does not want people to freak out over the consequences.
Also, talking about another bank bringing in a paltry 150 jobs to charlotte, give me a break. This is a drop in the bucket compared to BofA.
This is like losing a million dollars and then trying to get excited over finding a ten spot on the ground.
November 18th, 2009 at 4:51 pm
150 goes into 15,000 (number of BofA employees in Charlotte) about, oh idk, 100 times?
i’m not worried.
it’s not just about jobs though. it’s also about buildings and arts and charitable donations and high incomes and the other things besides employment that a headquarters contributes to a city.
but yea. not worried.
December 28th, 2009 at 3:31 pm
[...] Stop freaking out about BofA leaving the Q.C. | theCLogThis spring, for instance, the Minneapolis-based bank announced plans to open a new capital markets and corporate banking office in Charlotte. On Monday, Davis, 51, was in town to meet employees, visit with clients and check out a … read more… [...]