Charlotte > Nyc
No subway. You can afford a modest studio in uptown on $45k. Do I need to explain how life in this city is better for the average person for the 10 thousandth time?
Ego is the only reason anyone with a net worth below $2 million moves to New York. Ego is the only reason banks stay there. Move to Charlotte, increase your profit margin. Why is this concept so difficult for you numb nuts to grasp?
Charlotte is definitely not a bad city if one wants to settle down. I think NYC though still has a much greater appeal for college kids (such as myself) compared to Charlotte. It really depends on what division one settles for. While I'd agree Charlotte is better for those working 90 hours a week not every entry level finance job is like that, and then the experience factor has to be weighed. Also it really depends on career choice. PE/HF/IB are always going to have a stronger presence in NYC. If you are interested in Corp Fin long term though I know BAML/WF is in Charlotte. Really this is dependent on the person at the end of the day.
On a micro level yes, no argument there. It’s better for you to be in NYC. No doubt. Why though to banks stay there long term?
Imo, they have been hemorrhaging talent since 2007 because they fail to accept the new way of life. Charlotte is quite friendly to the senior banker life. 1.5 hour flight up to Nyc. Keep your junior staff here. Keep them healthy.
As I mentioned PE/HF the traditional "exit ops" for IB are all in NYC so most banks would stay there. To really gain the same experience you would have to shift all the BBs/EBs/PE/HF down to Charlotte which economically makes no sense. In fact BAML IB group in Charlotte recently moved up to NY. Also I've talked to some people who live in Charlotte and since the city is in the south the Culture is a bit laid back. The only exception is WF IBD. Continuing on culture, Charlotte has an appeal to middle class white (or at least right-leaning) kids which is far from the NY culture. Also an ethnic note a lot of employees in FO positions at BB who we say are "white" are actually Jewish (found that out after networking) and obviously NY has a very strong Jewish community. As for senior bankers living in Charlotte and flying up, I think its unreasonable. Already seniors have to do a lot of traveling and if you pile flying to work on top of that I think it would seriously diminish their health rather than sustain it.
For under 30 New York , Over 30 Charlotte. The people you meet, the exit opps and the environment that makes NYC tick is unreal. You have to experience it for yourself to understand why people are driven to do whatever it takes to work there and are willing to pay higher taxes and save less money.
Wouldn’t it make sense to keep juniors here in a recession? You can get away with paying less. Hell, you could even establish new talent networks. Pay less for the same level of talent.
This. People underestimate the importance of building up a resume with name brand companies and top experience, after college. That sets you up for pretty much your entire professional career. And NYC, despite its MANY flaws, is the country's financial center.
For now it is
An analyst who went to school in NC and spent a summer in NYC has mentioned multiple times as a single guy NYC beats out Charlotte in every category. He felt that once he settled down, he would move back to the Carolinas to start the family.
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