Bank Watch

U.S. Bank to expand its Charlotte-based anti-money laundering division

A 2009 file photo shows signs on a U.S. Bank branch in Omaha, Neb. On Wednesday, the bank said it plans to expand its Charlotte-based anti-money laundering division with new hires.
A 2009 file photo shows signs on a U.S. Bank branch in Omaha, Neb. On Wednesday, the bank said it plans to expand its Charlotte-based anti-money laundering division with new hires. AP

U.S. Bank said Wednesday it plans to expand its Charlotte-based anti-money laundering division with new hires, a move the bank is making after quietly placing the division here last year.

U.S. Bank, part of Minneapolis-based U.S. Bancorp, established the enterprise financial crimes compliance division in Charlotte last June when it hired Bank of America compliance executive Lisa Grigg to lead the operation. The division’s operations had been scattered nationwide before Charlotte was chosen as the base.

Also Wednesday, the bank announced the division will be relocated from Hearst Tower to another uptown office building, 201 S. Tryon St., in order to accommodate the division’s growth.

The bank said it has signed a lease for about 24,100 square feet in the building, also known as South Tryon Square, where the bank hasn’t been a tenant until now.

The South Tryon Square space will house 50 to 75 employees, the majority of whom will be new hires, a U.S. Bank spokesman said. The remainder will be relocated from Hearst Tower.

The spokesman said the move does not affect the amount of space the bank continues to occupy in Hearst Tower.

It marks U.S. Bank’s latest expansion in Charlotte.

Last month, the bank tallied about 350 employees in Charlotte across four areas: wholesale banking, compliance, corporate trust and commercial real estate. That’s up from about 100 in 2008.

On Wednesday, the bank said its Charlotte-area employment is now at about 400.

U.S. Bank ranks as the nation’s fifth-largest commercial bank by consolidated assets. In Charlotte, the bank doesn’t operate any retail branches.

Deon Roberts: 704-358-5248, @DeonERoberts

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