Business: “Wall Street is Moving to Cary”

Cary, North Carolina – An article in Wall Street and Technology last week told the story: Wall Street is Moving to North Carolina.

Melanie Rodier writes that new jobs on Wall Street have migrated – to Salt Lake City, Seattle and Cary, N.C. Polish up your wingtips, people!

Job Growth Outside Traditional Centers

Traditionally, Chicago, New York, Boston and San Francisco have been the centers of financial institutions. Now, new jobs are being outsourced, but not to China and Viet Nam. They are going states with a high quality of living and a highly educated workforce (remember that as state legislators debate cuts to education).

Goldman Sachs has 1,150 workers in Salt Lake City. Seattle’s financial services sector has grown to 87,000 workers.

Wall Street on Weston Parkway

And then there’s Cary. Rodier writes:

Meanwhile, Deutsche Bank, Credit Suisse and Fidelity are all posting jobs in Raleigh and Cary, N.C, a state which the U.S. Census Bureau says was the fourth fastest growing metro area in the last decade.

One big advantage for the region is the proximity to some of the best universities in the country, including Duke University and the University of North Carolina, as well as North Carolina State, whose Department of Computer Science has an alumni base of more than 6,200, eFinancialcareers said in its report.

Deutsche Bank currently employs 160 financial markets professionals at its technology center in Cary, NC. The bank expects to create more than 300 full-time positions in the next few years, and is currently primarily looking for software developers with Java and Erlang know-how, quality assurance and project managers, according to the report.

One factor in Deutche Bank’s choice of Cary was its livability and vibrancy, eFinancialcareers said. “The high quality of life that Cary and the Triangle region delivers creates a ‘sticky factor’ whereby people who relocate to this area for a career or education generally stay here, and that has proven beneficial to our success here in Cary,” said Christine Chu, COO of Deutsche Bank Global Technology in Cary. – from Wall Street and Technology

Welcome Wall Street

Financial services have not been a big sector in Cary until recently. We’ve been known for our strength in technology, communications, healthcare and medicine, among other sectors.

Worth noting: Deutsche Bank chose Cary, in part, because of the efforts of the Cary Chamber Economic Development, funded in part by the Town of Cary.

It will be a good sign to see business groups develop around these new industries, sinking roots in our red clay soil. The existing business community should do what it can to enable growth in this important new sector.