Fortune 500

[iheartthed]

Originally Posted by DCReid

Dallas has a lot of regional offices of financial firms, such as banks, investment firms, and insurance companies, and they apparently employ thousands of people. It seems that any financial firm that wants to expand goes to Dallas or Charlotte, and not Chicago. I don't even think JPMC's biggest Midwest office is in Chicago; I think they employ around 8000-9000 in Columbus, Ohio.

Dallas would obviously have a lot of commercial banking jobs. And I'm 100% sure that JPMC's office in Columbus is 100% commercial banking, which is the low-skilled/low-paid segment of the company. Most of the non-commercial banking stuff happens in NYC, and, most likely, the second largest non-commercial banking office in the U.S. for JPMC is Chicago. Charlotte is the only other city in the country besides NYC and Chicago that would have a lot of finance jobs that support non-commercial banking, and this is mostly due to a legacy of merger activity.

[TempleGuy1000]

Originally Posted by iheartthed

Dallas would obviously have a lot of commercial banking jobs. And I'm 100% sure that JPMC's office in Columbus is 100% commercial banking, which is the low-skilled/low-paid segment of the company. Most of the non-commercial banking stuff happens in NYC, and, most likely, the second largest non-commercial banking office in the U.S. for JPMC is Chicago. Charlotte is the only other city in the country besides NYC and Chicago that would have a lot of finance jobs that support non-commercial banking, and this is mostly due to a legacy of merger activity.

When you say "non-commercial" vs. "commercial", are you talking about the separation between the 'commercial' retail banking sector (in which JPMC's case is Chase) vs. the 'non-commercial' more investment/trading oriented type of banking (the JPMorgan side)? While I am sure Charlotte has quiet a few jobs in the non-commercial side of the business, NYC/Boston/Chicago/SF is generally thought of where the majority of investment banking activities take place.

[Crawford]

Retail banking isn't what's (usually) referenced re. banking/financial centers. It's usually referencing everything but retail banking.

So yeah, institutional client banking moreso than checking accounts and home loans. Non-retail banking is overwhelmingly concentrated in NYC, with some niche activites in Chicago, Boston, Bay Area and Charlotte and a tiny bit in Houston and Miami. Unless something recently changed I never heard of Dallas referenced in investment banking, trading or other non-retail operations.

[iheartthed]

Originally Posted by TempleGuy1000

When you say "non-commercial" vs. "commercial", are you talking about the separation between the 'commercial' retail banking sector (in which JPMC's case is Chase) vs. the 'non-commercial' more investment/trading oriented type of banking (the JPMorgan side)? While I am sure Charlotte has quiet a few jobs in the non-commercial side of the business, NYC/Boston/Chicago/SF is generally thought of where the majority of investment banking activities take place.

Yes, exactly. I pretty much agree with this all, but I'd add Charlotte to this list. I've never heard of Dallas being referred to as a finance hub... whether we're talking about commercial or non-commercial. I can think of several other cities I'd list above Dallas for being a banking hub of any size or type: Miami, Minneapolis, maybe even Salt Lake City, off the top of my head.

[Buckeye Native 001]

Originally Posted by iheartthed

Dallas would obviously have a lot of commercial banking jobs. And I'm 100% sure that JPMC's office in Columbus is 100% commercial banking, which is the low-skilled/low-paid segment of the company. Most of the non-commercial banking stuff happens in NYC, and, most likely, the second largest non-commercial banking office in the U.S. for JPMC is Chicago. Charlotte is the only other city in the country besides NYC and Chicago that would have a lot of finance jobs that support non-commercial banking, and this is mostly due to a legacy of merger activity.

At one point, I think Bank One (before being bought out by Chase) was headquartered in Columbus and then moved to Chicago when they merged with First Chicago Bank in the late 1990s. Might explain why, after all this time and subsequent mergers, they still have a relatively large presence (even if it is only commercial banking) in Central Ohio?

And Columbus/Central Ohio isn't NYC, Chicago, SF, Charlotte or even Dallas, but they do have a surprisingly large corporate presence, which is probably why, along with help from being the state capitol and home to a massive university, its Ohio's answer to the Sunbelt (for lack of a better word).

[Investing In Chicago]

Originally Posted by iheartthed

Dallas would obviously have a lot of commercial banking jobs. And I'm 100% sure that JPMC's office in Columbus is 100% commercial banking, which is the low-skilled/low-paid segment of the company. Most of the non-commercial banking stuff happens in NYC, and, most likely, the second largest non-commercial banking office in the U.S. for JPMC is Chicago. Charlotte is the only other city in the country besides NYC and Chicago that would have a lot of finance jobs that support non-commercial banking, and this is mostly due to a legacy of merger activity.

JPMC has their Marketing team in Columbus and their entire Customer Experience team there as well. They are not low-skilled/low paid.

I know this because they are a customer of mine, and I spend an ungodly amount of time in Columbus with JPMC.

[JMKeynes]

Originally Posted by Investing In Chicago

JPMC has their Marketing team in Columbus and their entire Customer Experience team there as well. They are not low-skilled/low paid.

I know this because they are a customer of mine, and I spend an ungodly amount of time in Columbus with JPMC.

I’d be shocked if 90% of the employees in Columbus don’t make $125k or less.

[iheartthed]

Originally Posted by Investing In Chicago

JPMC has their Marketing team in Columbus and their entire Customer Experience team there as well. They are not low-skilled/low paid.

I know this because they are a customer of mine, and I spend an ungodly amount of time in Columbus with JPMC.

Okay, maybe not all low-skilled/low paid, but also not core business. So bad phrasing on my part, but still generally accurate.

[homebucket]

Another one on the move:

Chevron will sell vast San Ramon headquarters, move jobs to Texas
Oil titan intends to find space to lease in San Ramon for new HQ
By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group
PUBLISHED: June 27, 2022 at 11:29 a.m.

SAN RAMON — Chevron intends to sell its vast headquarters campus in San Ramon, keep its head offices in the same East Bay city and shift jobs to Texas, a move that could deal a fresh blow to the Bay Area economy.

The energy giant said it will cover relocation costs for some employees to move from San Ramon to Texas.

“Chevron plans to sell our Chevron Park campus and move to new modern leased space in San Ramon,” the oil titan said in comments emailed to this news organization.

The location of the leased space wasn’t immediately disclosed, other than it is in San Ramon.

However, Bishop Ranch, an iconic mixed-use office, retail and restaurant business park that’s adjacent to the current company headquarters in Chevron Park, has the capability to offer modern office spaces for tenants.

“The current real estate market provides the opportunity to right-size our office space to meet the requirements of our headquarters-based employee population,” Chevron stated.

The move is expected to occur during the July-through-September third quarter of 2023, according to Chevron.

Over the 12 months that ended in March, Chevron earned $20.51 billion on revenue of $176.84 billion.

San Ramon-based Chevron at present owns an office tower in Houston that once was the headquarters of failed energy company Enron. Chevron is also planning to build another office tower in Houston.

In 2002, Chevron moved its headquarters to San Ramon after it exited its long-time main office in San Francisco.

Despite the shift of jobs to Texas, Chevron insists that it won’t uproot its base in California.

“Chevron will remain headquartered in California, where the company has a 140-year history and operations and partnerships throughout the state,” the company said.

https://www.siliconvalley.com/2022/0...l-real-estate/

[Vlajos]

Originally Posted by iheartthed

Okay, maybe not all low-skilled/low paid, but also not core business. So bad phrasing on my part, but still generally accurate.

It is mostly back office stuff in Columbus. Not super high paying, but good jobs. And as someone pointed out somewhere Columbus was Bank Ones HQ before the First Chicago NBD merger moved the HQ to Chicago.

[TempleGuy1000]

Originally Posted by Vlajos

It is mostly back office stuff in Columbus. Not super high paying, but good jobs. And as someone pointed out somewhere Columbus was Bank Ones HQ before the First Chicago NBD merger moved the HQ to Chicago.

Not to keep diving on this one topic, but probably one of the biggest benefits to the Bank One / Chase merger for Columbus was that Jamie Dimon became the CEO of JPMC. He was Bank One's CEO in Columbus (actually he may have sat in Chicago, but the point stands that Columbus was a major Bank One location).

One thing that jumps out at me looking at the 1955 list quickly again, is just how dominated the entire list is by auto companies and auto-related industries. No wonder driving became so ingrained in our culture. All the biggest companies were making cars, getting oil/gas for cars, or making car related products.

I think from an urbanist's perspective, sometimes the narrative gets told that the post-war suburbs were responsible for our car culture, but that 'culture' had to have started far earlier than after the war if so many auto companies were already the largest businesses in the US. The USA's economic might grew right a long side the automobile.

[DCReid]

Originally Posted by TempleGuy1000

Not to keep diving on this one topic, but probably one of the biggest benefits to the Bank One / Chase merger for Columbus was that Jamie Dimon became the CEO of JPMC. He was Bank One's CEO in Columbus (actually he may have sat in Chicago, but the point stands that Columbus was a major Bank One location).

One thing that jumps out at me looking at the 1955 list quickly again, is just how dominated the entire list is by auto companies and auto-related industries. No wonder driving became so ingrained in our culture. All the biggest companies were making cars, getting oil/gas for cars, or making car related products.

I think from an urbanist's perspective, sometimes the narrative gets told that the post-war suburbs were responsible for our car culture, but that 'culture' had to have started far earlier than after the war if so many auto companies were already the largest businesses in the US. The USA's economic might grew right a long side the automobile.

I think the car culture started in the early 1900s. I read that, at one time, there were hundreds of car companies, and most were in Detroit. Detroit was like the Silicon Valley of its days, growing from less than 300K around 1900 to about 1.5 by 1930 per Wiki. And you really did not need a degree for those factory jobs, which attracted poor whites as well as blacks to Detroit. Other Midwest cities prospered too - a friend in Columbus said that Delco once employed over 10000 people there.

[craigs]

Originally Posted by homebucket

Another one on the move:



https://www.siliconvalley.com/2022/0...l-real-estate/

The article states that Chevron will still be headquartered in California, though. They are downsizing the HQ but will remain in the San Ramon area.

[Quixote]

Originally Posted by Crawford

Retail banking isn't what's (usually) referenced re. banking/financial centers. It's usually referencing everything but retail banking.

So yeah, institutional client banking moreso than checking accounts and home loans. Non-retail banking is overwhelmingly concentrated in NYC, with some niche activites in Chicago, Boston, Bay Area and Charlotte and a tiny bit in Houston and Miami. Unless something recently changed I never heard of Dallas referenced in investment banking, trading or other non-retail operations.

What’s in Houston and Miami?

Wouldn’t Philadelphia, which is home to Vanguard and has NASDAQ PHLX (where actual floor trading occurs), Atlanta (Intercontinental Exchange), and LA by virtue of size and Capital Group, PIMCO, TCW, Oaktree, Houlihan Lokey be in there?

[homebucket]

Originally Posted by craigs

The article states that Chevron will still be headquartered in California, though. They are downsizing the HQ but will remain in the San Ramon area.

Good catch. The title is a bit misleading.

[MAC123]

Originally Posted by homebucket

Good catch. The title is a bit misleading.

Something tells me it was meant to be.

[dimondpark]

Originally Posted by MAC123

Something tells me it was meant to be.

Agreed.

[TempleGuy1000]

Originally Posted by DCReid

I think the car culture started in the early 1900s. I read that, at one time, there were hundreds of car companies, and most were in Detroit. Detroit was like the Silicon Valley of its days, growing from less than 300K around 1900 to about 1.5 by 1930 per Wiki. And you really did not need a degree for those factory jobs, which attracted poor whites as well as blacks to Detroit. Other Midwest cities prospered too - a friend in Columbus said that Delco once employed over 10000 people there.

Pretty amazing how quickly Detroit rose to prominence and probably even more amazing how quickly it declined (at least the central city).

Originally Posted by Quixote

What’s in Houston and Miami?

Wouldn’t Philadelphia, which is home to Vanguard and has NASDAQ PHLX (where actual floor trading occurs), Atlanta (Intercontinental Exchange), and LA by virtue of size and Capital Group, PIMCO, TCW, Oaktree, Houlihan Lokey be in there?

I was going to mention Miami in the previous group as the 'up and coming' and that really has to do with the area's relation with Latin America.

Philadelphia has a very long history being the home of the First and Second banks of America along with the oldest stock exchange which is now NASDAQ (NASDAQ's office in Philadelphia is very nice in the FMC tower). Commodities trading was a big deal in Philadelphia up until the 1980s when the industry went through a pretty seismic change and the well dried up.

With that said though, any place of a certain size with a massive GDP that is equivalent to whole countries will have more than enough jobs if you are qualified to work. Not having an actual bank HQ though hurts. PNC HQs, Pennsylvania's major bank, is of course located in Pittsburgh so often you will find Pittsburgh on lists of "where to start a finance career" and not Philadelphia (even though you totally can).

[DCReid]

Originally Posted by dimondpark

Agreed.

Wonder how long that will plan last... Probably another 10 years as it would not be great publicity if they moved now...they were supposed to construct a new skyscraper in downtown Houston in the early 2010s (the last oil boom) for about 2000 employees and got incentives from the state, but never did...

[Quixote]

Chevron, Wells Fargo, and Franklin Templeton are the only "legacy" F500 companies left in the Bay Area, along with some one-offs like Gap, Williams Sonoma, Levi Strauss, Clorox, etc.

Everything else is tech.