I believe this all speculative at this point.wabash wrote: ↑Nov 17, 2019^Biggest news since Bunge announced they’re moving their headquarters here a few months ago.
It’s not speculative and it’s also not as big of a deal as it might sound. Their North American headquarters is already here, and they are now making it the global headquarters. It will bring jobs here, but not that many.
^Dredger was talking about the JPMorgan job speculation. Which indeed seems like a long shot.
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Bunge moving their WHQ here’s is a big deal when was the last time a billion dollar company moved its WHQ here to St Louis.? We’ve lost more than we gained however the potential to gain more is there. Now on the other hand I’m actually surprised JP Morgan Chase will ever take a look at St Louis for one they have never had any type of banking here and 2 we are still considered under the radar or flyover country. Either way Bunge alone is a win and if the latter ever happens whether it’s Chase or another company that’s a cause for celebration beyond Champaign and wine bring out the fireworks
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Ok but you are comparing one “big deal” that might bring 100 jobs to Chesterfield vs another (speculative) one that could bring thousands to downtown.Wolfpaw wrote: ↑Nov 18, 2019Bunge moving their WHQ here’s is a big deal when was the last time a billion dollar company moved its WHQ here to St Louis.? We’ve lost more than we gained however the potential to gain more is there. Now on the other hand I’m actually surprised JP Morgan Chase will ever take a look at St Louis for one they have never had any type of banking here and 2 we are still considered under the radar or flyover country. Either way Bunge alone is a win and if the latter ever happens whether it’s Chase or another company that’s a cause for celebration beyond Champaign and wine bring out the fireworks
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For a host of reasons the idea of JPMorgan moving a significant number of jobs here because of some sales pitch on the availability of 909 Chestnut is a pipe dream.
Lots of other growth opportunities in the financial services space to be hopeful about (Edward Jones, RGA, Stifel, Wells Fargo, Enterprise Financial, MasterCard, even Bunge which is a major commodities trader, among others), but JPMorgan is a total long shot.
Lots of other growth opportunities in the financial services space to be hopeful about (Edward Jones, RGA, Stifel, Wells Fargo, Enterprise Financial, MasterCard, even Bunge which is a major commodities trader, among others), but JPMorgan is a total long shot.
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^Agreed, which is why my original statement was *if* that occurred, it would be the biggest news for this city in well, forever.
There are a lot of reasons why this location would make sense for a major financial company looking for cost savings though, not the least of which would be the existing employee cluster from the employers listed by wabash. Continually perplexed by virtually every company talking about "cost controls" while locating their entire workforce in some of the most expensive cities on the planet. Eventually someone has to wake up or call BS, no? Analysts? Oh wait, they are paid way too much and want to stay in NYC, Chicago and San Fran.
There are a lot of reasons why this location would make sense for a major financial company looking for cost savings though, not the least of which would be the existing employee cluster from the employers listed by wabash. Continually perplexed by virtually every company talking about "cost controls" while locating their entire workforce in some of the most expensive cities on the planet. Eventually someone has to wake up or call BS, no? Analysts? Oh wait, they are paid way too much and want to stay in NYC, Chicago and San Fran.
Probably not the biggest thing ever since there’s a rich history of companies moving jobs to St. Louis. Wachovia/Wells from Richmond, MasterCard to Winghaven, Express Scripts following their Medco purchase, Graybar moving their headquarters to Clayton, Citi moving their mortgage operations to O’Fallon, Bayer saying just a few months ago they were moving 500 jobs here from North Carolina. To name a few.
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^Point made, but many you list are companies that purchased existing companies already located here. Wachovia/wells bought AG Edwards, Express Scripts bought Medo, Bayer bought Monsanto. The others listed are all 45 minutes from the city without traffic minus Graybar.
None of this is anything more than speculation but I would personally say JPM creating a major employment hub here from scratch with a purely hypothetical 5K brand new jobs here would dwarf any of the above. The signal that would send rippling through corporate America would compound that by additional multiples as that is the type of decision/announcement that would have cascading effects.
But, as you accurately said, that is a gigantic long shot. Someone has to win the lottery, though.
None of this is anything more than speculation but I would personally say JPM creating a major employment hub here from scratch with a purely hypothetical 5K brand new jobs here would dwarf any of the above. The signal that would send rippling through corporate America would compound that by additional multiples as that is the type of decision/announcement that would have cascading effects.
But, as you accurately said, that is a gigantic long shot. Someone has to win the lottery, though.
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100 jobs is better than zero and it’s a net positive to the entire region whether it’s chesterfield , Glen Carbon or Downtown better than them going to Chicago, Kansas City or Dallas.Archie1 wrote:Ok but you are comparing one “big deal” that might bring 100 jobs to Chesterfield vs another (speculative) one that could bring thousands to downtown.Wolfpaw wrote: ↑Nov 18, 2019Bunge moving their WHQ here’s is a big deal when was the last time a billion dollar company moved its WHQ here to St Louis.? We’ve lost more than we gained however the potential to gain more is there. Now on the other hand I’m actually surprised JP Morgan Chase will ever take a look at St Louis for one they have never had any type of banking here and 2 we are still considered under the radar or flyover country. Either way Bunge alone is a win and if the latter ever happens whether it’s Chase or another company that’s a cause for celebration beyond Champaign and wine bring out the fireworks
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I’m saying when was the last time a major company moved its world headquarters here before Bunge?? It’s been a long time. Either way we’re all hoping that this building doesn’t stay vacant for another 2years or so.
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The fact JP has never had a presence here makes it interesting.
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In an email Friday, Ian Ross, co-founder and managing partner of Somera, confirmed a deal to acquire the building was not proceeding. He declined to comment further.
Somera Road is behind the renovation of City Center(Lightwell) in Kansas CIty, MO.
JP Morgan's largest office in the world is in Columbus, Ohio- something like 15-20K. JP also employed ~1,000 in Kansas City until selling the division off in maybe 2014.Wolfpaw wrote: ↑Nov 18, 2019I’m actually surprised JP Morgan Chase will ever take a look at St Louis for one they have never had any type of banking here and 2 we are still considered under the radar or flyover country.
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I do agree that it is pretty much a pipe dream and I have no expectation JP would ever come here, but I don't think it's completely out of the realm of possibility. Mainly because of the companies you just mentioned. This is one particular area that St. Louis does very well in. Wells Fargo Advisers, Edward Jones and Stifel are headquartered here. Other major firms like TD Ameritrade, KPMG and PwC continue to grow here. Nestle and Boeing have been moving back office IT jobs to St. Louis (in addition to KPMG) over the years. Of course you have Bayer and Bunge's recent announcements. Then you have MasterCard, Citi, and now Square. BoA and US Bank maintain major operations here along with the US Bank HQ of its Community Development division.wabash wrote: ↑Nov 18, 2019For a host of reasons the idea of JPMorgan moving a significant number of jobs here because of some sales pitch on the availability of 909 Chestnut is a pipe dream.
Lots of other growth opportunities in the financial services space to be hopeful about (Edward Jones, RGA, Stifel, Wells Fargo, Enterprise Financial, MasterCard, even Bunge which is a major commodities trader, among others), but JPMorgan is a total long shot.
Combine that with the ability to offer a fully empty office tower right in the heart of downtown with a train station nearly in the basement and of course the cheaper cost of living and doing business and I could see STL getting a second look. And while I generally frown upon major incentives, I'd be perfectly fine with the City or the State pulling out all the stops to lure a big name like this to St. Louis if it meant filling up AT&T once and for all. Certainly a better use of incentives then luring a firm from the nearby suburbs to downtown.
It is going to be extremely tough to compete against Texas though. JP already employs over 25,000 in Texas and is currently building a building in the Dallas suburbs that will hold over 4,000 people. My best guess would be that any sizable move will end up there. But I'll be keeping my fingers crossed.
^ what sc4mayor said. Have similar thoughts but was thinking of how to articulate the fact that St Louis offers this unique situation not readily available.
I do think Texas might be losing some of its steam as Dallas and Houston have become some seriously big metro areas that have all the traffic, quality of life issues that come with it and top of the fact that Dallas and Houston might not offer the savings for back office workers as desired even though upper management might like the tax situation for themselves.
I do think Texas might be losing some of its steam as Dallas and Houston have become some seriously big metro areas that have all the traffic, quality of life issues that come with it and top of the fact that Dallas and Houston might not offer the savings for back office workers as desired even though upper management might like the tax situation for themselves.
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Yeah, vpr611 figured out what I had heard, and even included the Nothing Impossible on KMOX link... JPM is currently looking at alternatives to NYC for a few thousand of their employees, as keeping everyone employed on Madison Avenue gets expensive for even the largest bank. Now, correlation does not necessarily equal causation, so the non-closure of the 909 Chestnut deal doesn't necessarily mean anything, but it was clearly relayed in the interview that the building is to be used as a sweetener to an offer. Also, sc4mayor correctly notes that JPM is already building new in Dallas (Plano) to handle existing employees there, and that TX has been effective in attracting new business.
Quick thoughts on this...
1. STL is the third-largest center for investment advisers in the US (after NYC and Boston). We have a very sustainable and thriving industry cluster, including Wells Fargo Advisors; Edward Jones; Stifel Financial; TD Ameritrade; Reinsurance Group of America; and a ton of very smart boutiques in and around Clayton.
2. chriss752's comments on Jamie Dimon being spotted in STL... Whoa, nice. JPM has been expanding their Private Client Group aggressively in STL (Clayton). Maybe that's why Jamie Dimon could be stopping here, but maybe for more.
3. Anyone watch 60 Minutes? They had a great interview with Jamie Dimon last week. They paid particular attention to how he's led his firm to proactively work with Detroit towards urban economic redevelopment. He recognizes opportunity in Rust Belt cities.
4. That all said, stay calm y'all. There's nothing breaking on this, and don't count your chickens until they hatch. Some talk above makes it like they're gonna move everyone, which I can damn well guarantee you they're not interested in doing so. So dream some here, but keep grounded.
Quick thoughts on this...
1. STL is the third-largest center for investment advisers in the US (after NYC and Boston). We have a very sustainable and thriving industry cluster, including Wells Fargo Advisors; Edward Jones; Stifel Financial; TD Ameritrade; Reinsurance Group of America; and a ton of very smart boutiques in and around Clayton.
2. chriss752's comments on Jamie Dimon being spotted in STL... Whoa, nice. JPM has been expanding their Private Client Group aggressively in STL (Clayton). Maybe that's why Jamie Dimon could be stopping here, but maybe for more.
3. Anyone watch 60 Minutes? They had a great interview with Jamie Dimon last week. They paid particular attention to how he's led his firm to proactively work with Detroit towards urban economic redevelopment. He recognizes opportunity in Rust Belt cities.
4. That all said, stay calm y'all. There's nothing breaking on this, and don't count your chickens until they hatch. Some talk above makes it like they're gonna move everyone, which I can damn well guarantee you they're not interested in doing so. So dream some here, but keep grounded.
And Citi didn't move anything here; their mortgage business has been located in the St. Louis area for decades. The building in O'Fallon stood up about 13 years ago was to consolidate their offices in Ellisville, Town & Country, and Earth City into one location.newstl2020 wrote: ↑Nov 18, 2019^Point made, but many you list are companies that purchased existing companies already located here. Wachovia/wells bought AG Edwards, Express Scripts bought Medo, Bayer bought Monsanto. The others listed are all 45 minutes from the city without traffic minus Graybar.
As an aside, they no longer own the building, and large chunks of the space are now leased out to other companies (including MasterCard and the company that took over their mortgage servicing business recently).
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I watched that interview, and everyone here should. Of particular interest was their effort to develop a database and algorithm which analyzes local JP Morgan data to identify urban and community trends and development needs and opportunities in Detroit. He was not very specific, but such an effort would certainly include and dovetail very well with geospatial software and technology. He also mentioned that they were considering other urban areas in which to roll out this development tool once it is refined...gone corporate wrote: ↑Nov 18, 20193. Anyone watch 60 Minutes? They had a great interview with Jamie Dimon last week. They paid particular attention to how he's led his firm to proactively work with Detroit towards urban economic redevelopment. He recognizes opportunity in Rust Belt cities.
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Yeah, to be clear, any potential move would be for some operations, but certainly not the headquarters itself. Especially considering they're currently demolishing their 700 ft. tall HQ building to replace it with a new 1,300 ft. supertall HQ building in midtown Manhattan, which they plan to house up to 15,000 employees.gone corporate wrote: ↑Nov 18, 20194. That all said, stay calm y'all. There's nothing breaking on this, and don't count your chickens until they hatch. Some talk above makes it like they're gonna move everyone, which I can damn well guarantee you they're not interested in doing so. So dream some here, but keep grounded.
Jamie Dimon was probably in town due to Chase opening a branch in Kirkwood.
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^Why would he come to town for a branch opening? They have enough branches I wouldn't expect their CEO to travel to all the openings.
When it’s the first in the market? That’s kind of important. Also, Dimon has participated in bus tours of markets that involve opening new branch tours.symphonicpoet wrote:^Why would he come to town for a branch opening? They have enough branches I wouldn't expect their CEO to travel to all the openings.
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^Meh, fair point. But I bet they have offices in Wilmington beyond just a branch or two. It is, I believe, credit card central. I can easily believe he'd stop to visit a branch opening in a place where he had other business. Just not convinced he'd take so many flight hours out of his schedule just to do that. And St. Louis is a darn sight less convenient to Manhattan than Wilmington. Requires a lot more time and Jet-A. Does he have other major business here?
They have commercial banking and wealth management functions here as well - in Clayton.
If he had been here for a branch opening folks would have heard about it. JPM has a well oiled PR machine. If they want Jamie to help get checking accounts opened and mortgages issued his visit would have been on the news and in the paper.
If he had been here for a branch opening folks would have heard about it. JPM has a well oiled PR machine. If they want Jamie to help get checking accounts opened and mortgages issued his visit would have been on the news and in the paper.