Finance Employment in North Carolina has Promising Future

Finance Employment in North Carolina: The Future of Finance Lies in the Tar Heel State

While New York City or Chicago may be the first cities to come to mind when discussing America’s great financial centers, a quiet financial revolution over the past few decades has seen a steady exodus of giants in the financial industry leave the North for the greener pastures of North Carolina. Almost without anyone noticing, the state’s largest city – Charlotte – has become the number two financial center in the nation, second only to New York City in the number of major financial institutions that proudly call the city their home.

Charlotte’s financial industry first gained prominence in the 1970s and 80s, starting with an aggressive series of mergers and acquisitions that transformed the regional North Carolina National Bank (NCNB) into NationsBank, which later merged with BankAmerica to become Bank of America. Similarly, Charlotte-based Wachovia merged with Wells Fargo, which now has a major base of operations in the city. Other major financial players in the city include Credit Suisse, PNC, and Deustche Bank.

While Charlotte may be the crown of North Carolina’s financial power, it is far from the only financial center in the state. Both Raleigh and Winston-Salem also host a number of major financial institutions.

Winston-Salem, located approximately 81 miles north-east of Charlotte, is home to the headquarters of financial powerhouse Branch Banking and Trust. One of the largest banking companies in the nation, BB&T can trace its roots back to a small merchant bank founded in Wilson, North Carolina in 1872.

All three of North Carolina’s financial centers – but Charlotte most of all – have been consistently ranked as one of the best places to live and work in America. A thriving local economy and steady growth in the financial industry in the area has consistently created a growing and welcoming job market for workers in the industry.

How fast is Charlotte’s economy growing? An estimate 500 newcomers call Charlotte home every week, while as much as one out of every four Charlotte residents are believed to have moved to the city in the past decade. The demand for new workers in Charlotte – particularly in the financial sector – is ever-growing and shows no sign of slowing down.

For the financial industry in North Carolina, the future is white-hot. Once a quite financial backwater, the state is now poised leverage its might as a national finance leader to become an international powerhouse in the industry.

However, to achieve this goal, it will need a steady stream of experienced financial sector employees willing to join the new financial revolution that is taking part in the state.