Charlotte’s traditional strength as a banking headquarters city provides the foundation for the region’s economic success. As technology transforms the financial services industry, Charlotte’s growing population, young and talented workforce and innovative spirit poise the region to take advantage of one of the latest growth industries – FinTech.
Q1 2019
Research Made Possible By:
MAJOR FINANCIAL EMPLOYERS
MAJOR FINANCE SUBSECTORS Commercial Banking
Insurance Agencies & Brokerages
Real Estate Credit
Portfolio Management
29,691
10,785
8,488
5,787
$144,515
$85,046 Average Earnings
Average Earnings
$111,361
$191,957
2018 Jobs
Commercial Banking
Commercial Banking
2018 Jobs
Average Earnings
2018 Jobs
2018 Jobs
Average Earnings
COMPANY
ESTIMATED REGIONAL EMPLOYMENT
LINE OF BUSINESS
TIAA
4,000
Third party administration of insurance & pension funds
Direct Property & Casualty Insurance
Securities Brokerage
Direct Life Insurance Carriers
Investment Advice
Allstate Insurance Co.
2,160*
Direct property & casualty insurance carriers
4,525
3,371
2,730
2,603
$88,390
$163,076
$133,706
$137,327
LPL Financial Services
2,080
Financial investment advice services
BB&T Corp
2,065
Commercial banking
MetLife, Inc.
1,500
Insurance agencies & brokerages
Ally Financial
1,420
Consumer financing
2018 Jobs
2018 Jobs
Average Earnings
Average Earnings
2018 Jobs
Average Earnings
2018 Jobs
Average Earnings
Sources: Quarterly Census of Employment and Wages via EMSI, Q4 2018
Sources: Charlotte Regional Business Alliance Research, Businesswise, Charlotte Business Journal. Tech talent percentage estimates based on EMSI Profile Analytics. *Allstate announced in August 2017 it would add 2,250 additional employees over the next five years, eventually bringing the total employed to more than 3,500. A large percentage of the newly announced jobs will be in tech.
SELECT FINTECH COMPANIES
1,200*
Est. Regional Employment
500-1,000 Est. Regional Employment
Payment automation
Online lending
COMPANY
ESTIMATED REGIONAL EMPLOYMENT
LINE OF BUSINESS
Levvel
100-250
Fintech strategy consulting
Zenmonics Inc.
100-250
Mobile banking platform
SentryOne
100-250
SQL Server and Microsoft optimization
Passport Parking, LLC
100-250
Transportation system and payment
Payzer
50-99
Mobile payments application
Sunlight Financial
50-99
Mobile lending for solar installations
Sources: Charlotte Regional Business Alliance Research, Businesswise, Charlotte Business Journal; EMSI Profile Analytics. *AvidXchange announced in December 2018 it would double its workforce and expand its Charlotte headquarters, adding 1,229 jobs over the next three to five years. LendingTree announced it would add 436 additional employees over the next three to five years.
FINANCIAL SERVICES TALENT POOL DESCRIPTION
2018 JOBS
2008-2018 CHANGE
Accountants and Auditors
13,471
20%
Business Operations Specialists, All Other
9,505
10%
Management Analysts
8,509
39%
Market Research Analysts and Marketing Specialists
8,191
201%
Loan Officers
5,432
4%
Financial Analysts
5,074
48%
Buyers and Purchasing Agents
4,060
2%
Personal Financial Advisors
3,257
57%
Claims Adjusters, Examiners, and Investigators
2,744
9%
Cost Estimators
2,620
4%
Credit Analysts
2,049
29%
Sources: Quarterly Census of Employment and Wages via EMSI, Q4 2018
17-18 MAJOR FINANCIAL SERVICES JOBS ANNOUNCEMENTS
550
New Jobs
2,250 New Jobs
1,229 New Jobs
436
New Jobs
1,000 New Jobs
700
New Jobs
FACTS ABOUT THE SUNTRUST BANK AND BB&T BANK MERGER Two Fortune 500 Companies have announced they would relocate their headquarters to the Charlotte Region.
*Combined revenue of the two companies would place the new entity at No. 135 on the 2018 Fortune 500 list.
www.charlotteregion.com