Financial Services

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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


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