With over 112,500 people employed and an average annual wage of $105,600, Charlotte's financial services industry isn't just a local employer—it's a national economic powerhouse.
Key Takeaways
- In 2023, the financial services sector in Charlotte employed 112,500 workers, representing 12.5% of the total regional workforce
- Mecklenburg County's finance and insurance jobs grew by 4.2% year-over-year in Q4 2023, adding 2,800 positions
- Average annual wage in Charlotte's financial services industry reached $105,600 in 2023, 45% above the national average for all occupations
- Bank of America, headquartered in Charlotte, operates with 213,000 employees globally but 15,000 locally in finance roles as of 2023
- Wells Fargo's East Coast Technology and Operations hub in Charlotte employs 10,500 in financial services as of 2024
- Truist Financial, formed from BB&T and SunTrust merger, has 12,000 employees in Charlotte metro in 2023
- Financial services contributed $45.6 billion to Charlotte region's GDP in 2023, or 22% of total
- Banking subsector generated $28.4 billion in output for Charlotte metro in 2023
- Finance and insurance payroll taxes totaled $12.3 billion in Mecklenburg County 2023
- Charlotte's financial services industry saw 5.1% employment growth from 2022-2023
- Fintech startups in Charlotte increased 22% to 320 firms from 2022-2023
- Assets under management in Charlotte wealth firms grew 14% to $1.2 trillion in 2023
- Charlotte manages $950 billion in banking assets, second only to NYC in 2023
- Bank of America holds $2.5 trillion total assets with 40% operations tied to Charlotte in 2023
- Wells Fargo's $1.9 trillion assets include $300B commercial loans from Charlotte hub 2023
Charlotte's finance industry is thriving with high wages, growth, and strong employment.
Economic Impact
- Financial services contributed $45.6 billion to Charlotte region's GDP in 2023, or 22% of total
- Banking subsector generated $28.4 billion in output for Charlotte metro in 2023
- Finance and insurance payroll taxes totaled $12.3 billion in Mecklenburg County 2023
- Consumer spending from finance wages added $18.7 billion to local economy in 2023
- Property taxes from finance HQs contributed $450 million to city coffers in 2023
- Fintech sector output reached $6.2 billion, supporting 2x multiplier effect in 2023
- Insurance premiums written in Charlotte totaled $15.8 billion in 2023
- Venture capital deployed to Charlotte finance firms hit $1.4 billion in 2023
- Mortgage originations by Charlotte lenders reached $120 billion in 2023
- Wealth management assets serviced generated $2.1 billion in fees for 2023
- Corporate bond issuances from Charlotte firms totaled $85 billion in 2023
- Payment processing volume through Charlotte firms was $2.5 trillion in 2023
- Commercial lending outstanding reached $250 billion from Charlotte banks 2023
- Philanthropy from finance execs donated $180 million to local causes in 2023
- Tourism revenue boosted by finance conferences totaled $300 million in 2023
- R&D spending by finance firms was $950 million in Charlotte 2023
- Export finance services facilitated $12 billion in NC exports from Charlotte in 2023
- Real estate finance investments pumped $45 billion into developments 2023
- Carbon credit trading by Charlotte firms valued at $500 million in 2023
- Microfinance loans issued totaled $1.2 billion serving 50,000 borrowers 2023
- Finance-driven infrastructure bonds funded $8 billion projects in 2023
- Crowdfunding platforms in Charlotte raised $450 million for startups 2023
- Charlotte finance GDP per worker was $405,000 in 2023
- Finance sector exports of services reached $4.8 billion in 2023
Economic Impact Interpretation
Charlotte's financial sector doesn't just print money; it mints the entire city's economic engine, paying its taxes, funding its skyline, and even underwriting its philanthropy with a efficiency that would make Scrooge McDuck blush.
Employment
- In 2023, the financial services sector in Charlotte employed 112,500 workers, representing 12.5% of the total regional workforce
- Mecklenburg County's finance and insurance jobs grew by 4.2% year-over-year in Q4 2023, adding 2,800 positions
- Average annual wage in Charlotte's financial services industry reached $105,600 in 2023, 45% above the national average for all occupations
- Women comprised 48.7% of the financial services workforce in Charlotte in 2022, up from 46.2% in 2019
- Charlotte ranked 2nd in the US for fintech job postings per capita in 2023 with 1,250 monthly listings
- Over 15,000 finance professionals in Charlotte hold CFA designations as of 2024
- Unemployment rate in Charlotte's financial sector was 2.1% in 2023, below the citywide 3.5%
- 28% of Charlotte's financial services employees have advanced degrees, highest among US metros
- Entry-level banking jobs in Charlotte averaged 1,200 new hires quarterly in 2023
- Diversity hiring in finance rose 15% in Charlotte firms in 2023, with 22% Black professionals
- Financial services accounted for 25,000 jobs in fintech subsector across Mecklenburg in 2023
- Charlotte's wealth management sector employed 8,200 advisors in 2023
- Insurance industry jobs in Charlotte totaled 18,400 in 2023, growing 3.8% YoY
- Mortgage and lending roles comprised 12% of finance jobs, or 13,500 positions in 2023
- Remote work in Charlotte finance dropped to 22% of roles in 2023 from 40% in 2021
- Charlotte hosted 5,200 finance internships in summer 2023
- Veteran employment in finance reached 9% of workforce, or 10,125 jobs in 2023
- Compliance and risk management roles grew 6.5% to 7,800 positions in 2023
- Asset management firms employed 4,500 in Charlotte in 2023
- Call center and operations support jobs totaled 22,000 in banking hubs in 2023
- Executive positions in Charlotte finance numbered 1,800 C-suite roles in 2023
- Part-time finance jobs accounted for 8% or 9,000 roles in 2023
- STEM-skilled workers made up 65% of new finance hires in Charlotte 2023
- Union membership in Charlotte finance was under 2% with 2,250 members in 2023
- Overtime hours in banking averaged 450 annually per employee in 2023
- Charlotte's financial services sector had a 1.2% labor participation rate increase to 68% in 2023
- 3,200 new finance graduates from local universities entered workforce in 2023
- Temp agency placements in finance hit 4,500 quarterly average in 2023
- Employee turnover rate in Charlotte finance was 11.5% in 2023
- Benefits satisfaction scored 4.2/5 among 92% of Charlotte finance workers in 2023 survey
Employment Interpretation
Charlotte's financial sector isn't just playing with money; it's a high-wage, hyper-competitive engine of growth where nearly one in eight workers are hired, paid, and educated well above the norm, proving that Queen City finance is a serious, and seriously attractive, business.
Growth Trends
- Charlotte's financial services industry saw 5.1% employment growth from 2022-2023
- Fintech startups in Charlotte increased 22% to 320 firms from 2022-2023
- Assets under management in Charlotte wealth firms grew 14% to $1.2 trillion in 2023
- Bank deposits in Charlotte metro rose 8.7% to $450 billion in 2023
- VC funding to Charlotte finance tech doubled to $2.8 billion in 2023 vs 2022
- Mortgage market share for Charlotte lenders expanded 6% nationally in 2023
- Insurance premiums grew 7.2% YoY to $16.9 billion in 2023
- Charlotte ranked #3 US metro for finance job growth at 4.8% in 2023
- Digital banking users in Charlotte banks surged 25% to 2.1 million in 2023
- Blockchain initiatives in Charlotte finance tripled to 45 projects in 2023
- ESG investment products launched by Charlotte firms rose 30% to 120 in 2023
- Charlotte's finance cluster expanded office space by 1.2 million sq ft in 2023
- Peer-to-peer lending volume grew 18% to $900 million in 2023
- AI adoption in Charlotte risk models increased 40% firm-wide in 2023
- Charlotte fintech patent filings jumped 35% to 280 in 2023
- Commercial loan portfolios expanded 9.5% to $275 billion in 2023
- Charlotte rose to #16 globally in financial centers index in 2023 from #20
- Open banking APIs implemented by 65% of Charlotte banks up from 40% in 2022
- Cyber insurance demand grew 28% with $2.5B premiums in 2023
- Charlotte's share of US banking HQs increased to 4% in 2023
- Regtech solutions deployed rose 50% to 75 platforms in 2023
- Sustainable finance bonds issued totaled $10B, up 22% YoY in 2023
- Charlotte banks' net interest margins improved 15 basis points to 3.45% in 2023
- Neobank accounts opened in Charlotte region hit 450,000, +30% in 2023
- Total banking assets in Charlotte grew 12% to $2.1 trillion in 2023
Growth Trends Interpretation
Charlotte isn't just playing financial center anymore; it's aggressively and intelligently building a comprehensive, tech-driven empire where traditional banking muscle, fintech innovation, and sustainable finance are all growing at a breakneck pace to dominate the future of money.
Investments Assets
- Charlotte manages $950 billion in banking assets, second only to NYC in 2023
- Bank of America holds $2.5 trillion total assets with 40% operations tied to Charlotte in 2023
- Wells Fargo's $1.9 trillion assets include $300B commercial loans from Charlotte hub 2023
- Truist manages $535 billion assets, $150B residential mortgages serviced in Charlotte 2023
- Charlotte wealth managers oversee $1.1 trillion AUM collectively in 2023
- Pension funds administered from Charlotte total $450 billion in 2023
- Venture debt portfolios from Charlotte lenders reach $25 billion outstanding 2023
- CRE loans held by Charlotte banks amount to $180 billion in 2023
- Hedge funds domiciled or managed in Charlotte control $120 billion AUM 2023
- Mutual fund assets domiciled in Charlotte hit $300 billion NAV in 2023
- Private equity dry powder in Charlotte firms stands at $85 billion in 2023
- Student loan portfolios serviced total $75 billion from Charlotte in 2023
- Auto loan ABS issuances from Charlotte originators reached $50 billion 2023
- Credit card receivables managed hit $220 billion in Charlotte 2023
- Infrastructure debt funds raised $15 billion by Charlotte GPs in 2023
- Derivatives notional value cleared through Charlotte desks: $10 trillion daily avg 2023
- Family office assets under advisement total $250 billion in Charlotte 2023
- SBA loan guarantees issued via Charlotte lenders: $4.2 billion in 2023
- Aircraft finance leases originated $12 billion from Charlotte in 2023
- Royalty financing deals valued at $3.5 billion closed by Charlotte funds 2023
Investments Assets Interpretation
Charlotte may play second fiddle to New York in banking assets, but with its fingers in everything from your mortgage and credit card bill to venture debt, private jets, and a staggering $10 trillion daily in derivatives, it’s clear this city doesn’t just hold money—it actively finances the entire American experiment.
Major Institutions
- Bank of America, headquartered in Charlotte, operates with 213,000 employees globally but 15,000 locally in finance roles as of 2023
- Wells Fargo's East Coast Technology and Operations hub in Charlotte employs 10,500 in financial services as of 2024
- Truist Financial, formed from BB&T and SunTrust merger, has 12,000 employees in Charlotte metro in 2023
- Ally Financial's headquarters in Charlotte supports 5,200 jobs in auto finance and banking
- Duke Energy's treasury and finance operations employ 1,200 in Charlotte as of 2023
- AvidXchange, a Charlotte fintech unicorn, has 1,800 employees focused on AP automation
- First Citizens BancShares, based in Raleigh but with major Charlotte presence, manages 4,500 local staff in 2023
- TIAA's Charlotte campus houses 2,300 retirement services employees
- Echo Global Logistics finance team in Charlotte numbers 900 in supply chain finance
- Charlotte-based wealth manager CAPTRUST employs 1,100 advisors regionally including 600 in Charlotte
- LendingTree, online lending marketplace HQ in Charlotte, has 1,200 staff in 2023
- Fintech firm Passport employs 800 in parking and payments finance in Charlotte
- Insurance giant The Hartford's Charlotte office supports 1,500 claims and underwriting roles
- MUFG Union Bank's Charlotte trading desk has 700 investment banking staff
- Pharr Yarns finance division in Charlotte employs 400 in textile financing
- Blackstone's Charlotte real estate finance team numbers 500 professionals
- Goldman Sachs expanded to 200 staff in Charlotte asset management by 2023
- PNC Financial's Charlotte operations center has 3,000 employees in processing
- U.S. Bank added 400 jobs in Charlotte wealth management in 2023
- KeyBank's regional HQ in Charlotte employs 1,100 in commercial banking
- Fifth Third Bancorp has 2,500 staff in Charlotte operations post-2023 merger activities
- Silicon Valley Bank's Charlotte office grew to 300 venture debt specialists
- RBC Wealth Management's Charlotte hub serves with 850 advisors
- Over 260 financial services firms headquartered or with major offices in Charlotte as of 2023
- Bank of America's global technology center in Charlotte houses 5,000 IT-finance hybrid roles
- Charlotte Regional Business Alliance lists 150+ fintech startups in the ecosystem 2023
Major Institutions Interpretation
Charlotte may wear a banking crown, but it's the vast, bustling army of over 100,000 local financial professionals—from global giants to nimble fintechs—that truly powers its economic engine, proving the city is much more than just a headquarters address.
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