![]() ![]() "Charlotte has been based and expanded on a 'more the merrier' concept in the last 25 years," he said.īank of America has been headquartered in the city since the merger of NationsBank and BankAmerica in 1998. North Carolina has attracted banks with its cheap taxes, decent weather and progressive banking culture, said analyst Marinac. Charlotte is often considered a second U.S. North Carolina was one of the first states to allow banks to open multiple branches in different cities without a new charter, encouraging growth in the industry across the state. "Growing fintech talent and resources within the region benefits all of us as we seek to accelerate innovation in our industry." Wells Fargo and its competitors "realized we could have a bigger impact if we worked together," Jonathan Hartsell, the bank's head of digital business development, wrote in an email. "They've just really gotten a lot of economies of scale out of all this work together." The group also has a "digital community" where members can interact.īanks participating in the hub are beginning to realize they are better off as a "collaboration of competitors," said Bokhari. It has an early-stage incubator for fintech and insurtech companies, as well as a late-stage accelerator for more established companies looking to "do a major deal," Bokhari said. The group works to identify, build and retain talent in the area, including creating upward mobility opportunities for promising talent. The Carolina FinTech Hub focuses on increasing talent, innovation and outreach. bank deals announced in a decade, and Bokhari expects it will usher in other mergers of a similar nature.īB&T has been a "long-time anchor partner" of the Carolina Fintech Hub, said Bokhari. The BB&T-SunTrust tie-up was one of the largest U.S. Tariq Bokhari, executive director of the Carolina Fintech Hub, said he has rarely seen two banks as upfront about technology as their reason for merging. "You see it in Charlotte pretty clearly."īB&T and SunTrust decided to move to Charlotte because of the city's access to fintech, data science and education programs, Brian Davis, director of corporate communications for BB&T, wrote in an email. " really is an ecosystem," said Christopher Marinac, a bank analyst with FIG Partners. In Charlotte, many banks see an opportunity to partner with the city's thriving financial technology community. According to the Bureau of Labor Statistics, the number of jobs in the financial industry has increased 47.4% since the year 2000, compared to 11.7% growth for the U.S. ![]() The financial industry in Charlotte has grown significantly since 2000. has an estimated 25,100 employees while Bank of America Corp. There are 82,000 people working in finance and insurance in the Charlotte region, according to the Charlotte Regional Business Alliance. plan to move their combined headquarters there when their pending merger closes. Bancorp recently announced plans to open its first North Carolina branch in the city, and BB&T Corp. Charlotte, N.C., has outpaced the country in financial sector employment, and with more banks moving into the "Queen City," that growth looks unlikely to stop. ![]()
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