It would be an understatement to say the financial scene in the Charlotte Region has changed in the last 35 years. Finance has always been a key industry for Charlotte dating back to the gold rush of the early 1800s and the opening of a Federal Reserve Bank branch in 1927. But it was the megamergers in the 1980s and 1990s that defined Charlotte’s stature as a banking empire and cemented the city as a global financial destination.
Today, the Charlotte Region is home to over 91,000 financial services jobs, which has resulted in aggressive hiring competition over a deep supply of regional talent. The city’s finance sector has the third-highest concentration of financial services talent among the top 50 metros, and the talent base in the region’s financial services industry continues to grow with the sixth-most in-migration in 2020. Ally Financial, the largest online-only bank in the U.S., is but one reason Charlotte is now the second-largest banking center in the country.
“Charlotte has obviously positioned itself as one of the major banking headquarters in the U.S., and banking today fuels so much economic growth across the entire Charlotte Region,” said Jeffrey Brown, CEO of Ally Financial. “For Ally, we’ve been able to attract great technology, marketing and business talent. It’s just a city that has established itself as one of the strong financial centers and that fuels people wanting to come to our region, people wanting to be a part of such a vibrant scene.”
The Charlotte Region is made up of 15 diverse counties that ring one of the most important economic centers in North Carolina, and the financial services sector continues to fuel the region’s growth. For Ally, home to 2,400 associates, the success of its Ally Charlotte Center campus in center city is driven by a rapidly growing workforce drawn to the nation’s fifth-fastest-growing city, one that also has the fourth-highest millennial population growth among top tech markets.
“Charlotte has clearly established itself from its peers, as this recognition is both national and global,” Brown said. “When you think about the number of banks and financial institutions and the FinTech sector, it really sends a strong message as to how far our community has come, and really the talent that’s available here.”
According to the Charlotte Regional Business Alliance, which collaborates to promote and advance economic development in the 15-county Charlotte Region, the financial services sector has grown by 32% since 2016. The sector is also fueling an innovation economy across the region that is expected to be a vital component of driving future economic growth and development.
“As Charlotte’s growth attests, people really want to work as part of the financial services and technology community,” Brown said. “I think what you’re starting to see now, with new technology hubs and new technology centers, that’s only going to fuel additional growth going forward. The Charlotte Region’s brand is one around great energy, development and excitement — and Ally is proud to call this region home.”
To learn how Charlotte’s financial services sector and strength as a global banking powerhouse provides the foundation for the region’s economic success, visit altogetherbetterclt.com.
