Sep 24, 2009

U.S. Bancorp could add up to 70 Charlotte jobs

U.S. Bancorp today said it plans to add up to 70 jobs in Charlotte by the end of next year as part of previously announced plans to launch a capital markets and corporate banking operation here.

The Minneapolis-based bank opened a temporary trading floor in uptown's Hearst Tower last week and expects to have a permanent one completed by November, said Jim Kelligrew, a former Wachovia Corp. banker who leads the new investment-grade fixed-income group.

The bank had previously said that Kelligrew's group and a new Southeast corporate banking group led by Dee O'Dell expected to hire about 30 people by the end of this year. But it hadn't shared its hiring plans for next year.

U.S. Bancorp, the nation's No. 6 bank by assets, came to Charlotte in 2005 when it bought Wachovia's corporate trust business. It now has a total of about 120 people here and will occupy the 26th and 27th floors of the Hearst Tower with the latest expansion.

U.S. Bancorp's hiring is a boon for a city that has seen merger-related layoffs at Bank of America Corp. and Wells Fargo & Co., which bought Wachovia last year. GMAC Financial Services, Morgan Stanley & Co. and boutique investment banks have also announced plans to hire here.

Kelligrew said his cell phone has been ringing off the hook and his e-mail inbox jammed since word got out about U.S. Bancorp's plans this spring. "I've had people I didn't recognize tap me on the shoulder, and say, 'Good job, Jim," Kelligrew said.

In the expansion, Kelligrew is reuniting with U.S. Bancorp vice chairman Dick Payne, who runs corporate banking. Both worked together at Bank of America and predecessor banks.

Payne said it was natural for U.S. Bancorp, as a major corporate lender, to expand into the investment-grade fixed income business, which involves originating, selling and trading bonds issued by large corporations. Charlotte was the best spot because Kelligrew was here and had the reputation to attract other bankers, he said.

"The two big banks, Bank of America and Wachovia, built up strong franchises and attracted a lot of talented people down there," Payne said. "That's what attracted us: the talent pool."

Kelligrew said U.S. Bancorp's focus is to gradually build a profitable, quality business. In a few years, he said, it could become a top 10 player in market share.

Payne said U.S. Bancorp could add more capital markets businesses in the future, but has no immediate plans in the works. He said it was too early to say whether any of those businesses could be in Charlotte. U.S. Bancorp, which has branches in the Midwest and West, has no plans for retail banking operations here, he added.

The Charlotte Chamber said its recruiters, as well as chairman Tim Belk, have been working to facilitate the expansion since early this year as part of its efforts to attract more financial services businesses. Payne said the bank received support from the Chamber, Charlotte Center City Partners and others.

Categories: Development, Business