Wednesday, November 18, 2009

Stop freaking out about BofA leaving the Q.C.

Posted By on Wed, Nov 18, 2009 at 11:08 AM

Bank of America isn't the only banking show in town.

While many of his peers are hunkering down in the financial crisis, U.S. Bancorp chief executive Richard Davis is on the offensive.

This spring, for instance, the Minneapolis-based bank announced plans to open a new capital markets and corporate banking office in Charlotte. On Monday, Davis, 51, was in town to meet employees, visit with clients and check out a trading floor set to open Monday in the bank's Hearst Tower offices.

The bank has nearly 150 employees here in corporate banking, capital markets and a corporate trust business purchased from Wachovia Corp. in 2005. It has said it's adding a total of about 70 employees here by the end of next year, although Davis said the number could be higher. He said he hasn't put a cap on hiring here, led by former Wachovia bankers Jim Kelligrew and Dee O'Dell.

In addition to Kelligrew's investment-grade bond unit and O'Dell's Southeast corporate banking business, the Charlotte office has also added employees with expertise in syndicated loans, compliance and municipal bonds. The bank could also make hires in commercial real estate, portfolio management and treasury management.

In retail banking, U.S. Bank recently hired a Wachovia executive, Becky DeGeorge, who helped the Charlotte bank become the leader in customer service among large banks. She will remain based in Charlotte, although U.S. Bank doesn't have any retail banking locations in the Carolinas.

Read more from The Charlotte Observer here.

In slightly related news:  Wells Fargo workers pledge $42M

Just remember to take everything big bankers say with a grain of salt shot of whiskey.

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