In the shadow of Bank of America’s corporate headquarters, rival JPMorgan Chase celebrated the growth of its middle-market banking team in Charlotte and its move uptown with a meet-and-greet that drew Gov. Pat McCrory.
The New York bank has expanded its presence in the city over the past year, and now has 14 bankers. The six members of its middle-market team will soon all be based in a corner suite on the 39th floor of the Hearst Tower. They serve businesses making between $20 million and $500 million in annual revenue.
The firm is also looking to hire a few more bankers by the end of the year.
“We wanted to be in a significant building downtown that will be the basis for our growth as we continue to expand,” said Wayne Trotman, mid-Atlantic region president who oversees the Charlotte office. “This location is significant because it represents visually our commitment to the market.”
To mark the occasion, JPMorgan Chase hosted several dozen members of the business community at a morning event in the Foundation for the Carolinas building on Tryon Street.
McCrory, who served 14 years as Charlotte mayor, stopped by to shake hands and praise the bank for lending to Charlotte-area businesses for expansion. He also touted its international presence for a city with global aspirations.
“This is a business town right here. We want you to make money,” he said. “We not only want you to make money, but we want you to be committed to the city.”
Chase does not have a retail banking presence in the Carolinas, but it has had a small corporate banking team in an office in Ballantyne for about eight years. In late 2011, the New York bank began a companywide initiative to bulk up middle-market banking in areas where it lacks a retail presence.
Besides Charlotte, JPMorgan put bankers in Philadelphia and Washington, D.C.
A number of JPMorgan’s new Charlotte bankers were picked up from Bank of America. Trotman said that’s by design.
“We’re hiring respected bankers who are probably going to the same T-ball game that their clients are going to,” he said. “It is fundamentally local talent.”
Bank of America ceded its position as the largest U.S. bank by assets to JPMorgan Chase in 2011.
Dunn: 704-358-5235 Twitter: @andrew_dunn
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