No, just down to Miami, perhaps.
If the NYSE leaves Wall Street for Miami, the CME may not be far behind leaving Chicago for Dallas.
It’s not farfetched to think Miami and Dallas could be replacing Chicago and New York as the financial centers of the USA, throw in Atlanta and its infrastructure and transportation hubs and it’s clear where the power is headed.
Here’s an article I found about the CME leaving Chicago.
“No, just down to Miami, perhaps.”
According to a plan in the Dallas Morning News two or three years ago the plan is to move to Dallas.
Charlotte was positioned to be the Wall Street replacement until the 2008 financial crisis. Charlotte was home of Bank of America and at the time BOA was the largest bank in the US. Wachovia Bank, the bank with the largest number of retail branches in the country, was also headquartered in Charlotte. Ally bank (formerly GMAC bank) had major operations there as did a number of other financial institutions. Charlotte was a booming city, with an international airport and is centrally located on the East Coast between Miami and New York. Charlotte is also a short flight from Atlanta and DC. North Carolina has a moderate climate and the state business friendly. The cost of living in Charlotte is significantly lower than in New York or Miami. There is a Federal Reserve branch in Charlotte.
The New York banks, the Federal Reserve, and the federal government used the 2008 financial crisis to slow down Charlotte’s growth as a major financial center. First they forced Bank of America to acquire New York based Merrill Lynch, which was collapsing. It was a shotgun merger which the BOA CEO initially refused. The CEO lost his job as a result and the merger was approved by the board. Of note the BOA CEO was replaced by an executive from Boston based Fleet Bank which BOA had earlier acquired. The new CEO, Brian Moynihan, has never moved to Charlotte. He lives in Wellesley, Mass where he operates the bank with a staff, and occasionally jets down to Charlotte. However, he is very close to New York!
During the financial crisis the Federal Reserve bank of New York first tried to force a merger between Charlotte based Wachovia and Citibank instead of bailing out Wachovia like it did the big New York banks. Citi coveted Wachovia’s nationwide retail branch network. However, when San Francisco based Wells Fargo got a whiff of the sweetheart deal the Federal Reserve and US Treasury were giving Citibank, Wells proposed a better deal than Citi was offering and ended up with Wachovia’s national retail footprint.
Truist, formed by the 2019 merger of BB&T and Sun Trust Banks, is now headquartered in Charlotte. It is the 9th largest bank in the US and 7th largest insurance broker in the world. Bank of America, still headquartered in Charlotte, is the second largest bank in the US, and second largest in the world by capitalization. There are over 20 banks and credit unions headquartered in Charlotte. Wells Fargo has a major regional headquarters in Charlotte as does Ally Bank. Vanguard, the large mutual fund company, has a large and growing operation in Charlotte.