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JPMorgan Chase is bullish on Charlotte's workforce despite uncertainty around AI and a looming talent war. 

Why it matters: The New York City-based firm is expanding in the nation's No. 2 banking hub at the same time as finance companies like SMBC and Capital Group enter the market and recruit for thousands of roles.

Driving the news: JPMorgan Chase is opening a new SouthPark corporate office to house 1,000 employees, including 400 new hires, the company announced Tuesday.

What they're saying: "With tons of competition comes a lot of opportunity," Carrie Galloway, head of the Carolinas for J.P. Morgan Private Bank, tells Axios. "If you have a lot of competitors, that means you're also going to have a lot of potential employees there."

JPMorgan has found success recruiting talent to Charlotte from other regions of the country because candidates are interested in making the move. "There's a reason why banks have established roots here. It's a great place to live," she said. 

The Sun Belt and its big metros, like Charlotte and Dallas, continue to lead U.S. population growth since COVID, drawing interest from Wall Street firms.

Galloway calls Charlotte "one of the foremost financial capitals of the world."

Zoom in: JPMorgan, which opened its first office in Charlotte in 2011 with a small employee base, now occupies two spaces in SouthPark at the Capitol Towers and Rotunda Building with around 600 corporate workers.

It's staying put in the neighborhood with its newest lease at One Piedmont Town Center, signing a deal for 145,000 square feet across five floors. It's unclear whether it will close the other offices or keep them for future growth once the new office opens in 2028.

JPMorgan prefers SouthPark for its central location, access to I-77 and an easier commute compared to Uptown, Galloway says.

"It provides for a very high quality of work life with the retail presence surrounding the office. Great restaurants. Great shops," she adds. "There's a real vibrant energy to the area."

State of play: Workers will come into the office five days a week, as JPMorgan's Jamie Dimon is one of the most vocal CEOs on employees returning to the office full-time.

"Frankly, it makes for a much more enjoyable work experience when you're surrounded by your colleagues every day," Galloway says.

Yes, but: JPMorgan's announcement comes amid a spike in layoffs in North Carolina last quarter and warnings from Dimon himself about AI displacing American workers in the medium term. Many banks, including Charlotte-based Bank of America, have discussed not refilling roles due to AI.

JPMorgan invests in AI but sees the technology as a productivity booster to do mundane tasks, Galloway says.

"No computer or AI bot is going to replace humans in a relationship business," she adds.

What's next: JPMorgan will begin hiring for roles across all business lines, especially commercial banking and back-office positions. It also has plans for additional branches, and recently sought a building permit for a Plaza Midwood location.

"I don't see a cap on our growth," Galloway says.

warnings from Dimon himself about AI displacing American workers in the medium term

Charlotte-based Bank of America, have discussed not refilling roles due to AI.

 seeking a building permit for a Plaza Midwood location.

JPMorgan bets on Charlotte hiring push

JPMorgan executive tells Axios why it's expanding in Charlotte.

Older man with white hair speaks at a clear podium; navy polo. Behind him a blue cityscape screen; to his left stacked blue and silver balloons; audience in foreground.

Bank CEO Jamie Dimon at the SouthPark Chase branch in July 2025. Photo: Courtesy of JPMorgan Chase

JPMorgan Chase is <a class="gtmContentClick" data-vars-link-text="bullish" data-vars-click-url="https://www.axios.com/local/charlotte/2026/04/21/jpmorgan-southpark-charlotte-400-jobs" data-vars-content-id="02edde7b-0e71-425b-b881-92fda6be5471" data-vars-headline="JPMorgan bets on Charlotte hiring push" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/charlotte/2026/04/21/jpmorgan-southpark-charlotte-400-jobs" target="_self">bullish</a> on Charlotte&#x27;s workforce despite uncertainty around AI and a looming talent war. Why it matters: The New York City-based firm is expanding in the nation&#x27;s No. 2 banking hub at the same time as finance companies like <a class="gtmContentClick" data-vars-link-text="SMBC" data-vars-click-url="https://www.axios.com/local/charlotte/2026/04/07/smbc-north-carolina-investment-jobs-uptown" data-vars-content-id="02edde7b-0e71-425b-b881-92fda6be5471" data-vars-headline="JPMorgan bets on Charlotte hiring push" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/charlotte/2026/04/07/smbc-north-carolina-investment-jobs-uptown" target="_self">SMBC</a> and <a class="gtmContentClick" data-vars-link-text="Capital Group" data-vars-click-url="https://www.axios.com/local/charlotte/2026/03/26/capital-group-north-carolina-expansion-jobs" data-vars-content-id="02edde7b-0e71-425b-b881-92fda6be5471" data-vars-headline="JPMorgan bets on Charlotte hiring push" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/charlotte/2026/03/26/capital-group-north-carolina-expansion-jobs" target="_self">Capital Group</a> enter the market and recruit for thousands of roles.

News

Latest news on Wall Street, Corporate America and financial regulation.

Business

A developer is about to open its next "car-optional" community in the NoDa area, taking a bet on the type of city that Charlotte could be. But also, what many still think it isn't ready for.

Why it matters: In an auto-centric city with an oversupply of cookie-cutter apartments, Space Craft's project is an urban option for Charlotteans willing to change their habits in exchange for walkability and distinctive design.

By the numbers: The Charlotte firm's under-construction project along North Davidson and East 25th Street, Oxbow, is 389 market-rate units across six stories, plus 11,314 square feet of retail. It's located steps away from the Blue Line.

Units range from 410-square-foot studios to 1,501-square-foot four-bedrooms, and six for-rent townhouses.

About 15 to 20 units will be short-term rentals.

All those homes add up to around 600 residents.

Yes, but: Oxbow will have just 136 parking spaces — not even a third of the potential capacity.

It's yet to be determined how they'll assign spots.

Friction point: Space Craft's other "car-optional" community nearby, Joinery, has sparked concern among neighbors and business owners, even prompting debate about parking minimums during the city's UDO rewrite.

Outside Joinery, rows and rows of cars line North Brevard and take up on-street spaces that business customers may otherwise use.

Adding to the issue are construction workers, nearby apartments, and light rail passengers using the street parking as a free "park and ride" option.

What they're saying: Mohit Shewaramani, COO of Space Craft, says they're doing a better job of selling "car-optional" living and making residents aware of what they're "signing up for."

Joinery has boosted its transit offerings, with Teslas, e-bikes and e-scooters for rent, so residents are less dependent on car ownership.

"We don't expect everyone in Charlotte to want to live in Joinery," Shewaramani adds. "We are excited about a lifestyle where they get a lot of options instead of just a parking spot."

Inside a large unfinished basement under construction: exposed pipes and ducts on the ceiling, wrapped concrete columns, and scattered pallets, boxes, and debris on bare concrete floors.

Oxbow's parking garage will have about 136 spaces. Photo: Alexandria Sands/Axios

Follow the money: Space Craft saves money by not building as much parking, which can add about $25,000 to $50,000 for each garage space. (Oxbow also, notably, has no pool.) Those savings are channeled into aesthetics and amenities, like an extension of the Cross Charlotte Trail.

"We think that great places will earn their money back, and then some," Shewaramani adds. "It just takes time for the retail to open and become part of the neighborhood and become established."

Case in point: Wood panels along Oxbow's windows are angled to bring maximum light into the units.

Sarah Baxendale, Space Craft development director, says they had to work around codes to add depth to the building design.

Low-angle view of a modern beige brick apartment building with square windows and recessed balconies, under a clear blue sky with shadows across the entrance area.

The building also incorporates 250,000 square feet of cross-laminated timber that is more environmentally sustainable. Plus, it looks pretty. Photo: Alexandria Sands/Axios

The big picture: Between Joinery and Oxbow, Space Craft has played an outsized role in transforming the "Mill District" into a walkable area.

Before the light rail extension opened, this area of Optimist Park was largely single-family houses, many of which were Habitat homes.

Space Craft is also building Cordo, a 287-unit building opening in 2027, and filling out a retail pedestrian-only "Joinery Alley."

In a typical apartment, the "fastest path" to leave the building is the parking garage. "Here, we wanted to create this idea that you're part of the neighborhood, and bring the neighborhood in," Shewaramani says.

What's next: Once built, it'll feel like there's a connection between Space Craft's three apartment communities, their ground-floor retail and Cordelia Park.

Space Craft is creating a 30-foot walkway along Oxbow and a breezeway through the building, with outdoor seating and plantings. "We wanted to create a spot where the community could come through," Baxendale said.

Construction site with a white brick, multi-story building under construction. Cranes and a lifting platform rise above scaffolding, while workers in safety vests work against a clear blue sky.

Construction worker in a neon yellow safety vest and hard hat walks through a modern courtyard under construction, with brick columns, glass storefronts, and scaffolding above.

The breezeway through the building. Photo: Alexandria Sands/Axios

Construction site in a modern grey-brick apartment complex courtyard. Many windows, curved benches, and scattered pipes and debris on the paved ground.

The courtyard. Photo: Alexandria Sands/Axios

Bird's-eye view of a modern apartment complex courtyard: pale blue building facades with many windows flank a central, open, tiled atrium featuring curved stair rails and shaded walkways.

Bright empty room with a large wood-framed window, sunlight casting long shadows on light oak floors. Outside, green trees and rooftops are visible; the right wall has a brick column.

Modern kitchen with gray cabinets, white countertop, and a vertical gray tile backsplash. A black curved faucet over a stainless sink wrapped in plastic. Left side has a stove/oven; natural light from a window.

Modern kitchen with gray cabinets, vertical tile backsplash, stainless oven and dishwasher, black faucet over a white sink, light wood trim along the wall, and windows with greenery outside.

Empty room with a large sliding glass door opening to a balcony. Brown wooden frame, light floor, and bare walls. Outside, city buildings, green trees, and a blue sky with power lines; a cardboard packaging panel sits to the right.

Rooftop scene of a white brick structure with window openings, gray decking, and white railings. Construction materials lie nearby; city skyline visible under a clear blue sky.

A rooftop lounge in the making. One rooftop will be the quiet, relaxation deck, and the other will be known as the social, party area. Photo: Alexandria Sands/Axios

Aerial view of a modern apartment complex with gray multi-story buildings and balconies, a street between them, and a foreground construction site with dirt, pallets, and an orange-vested worker.

Space Craft is creating an "extension" of the Cross Charlotte Trail along Oxbow. Photo: Alexandria Sands/Axios

Balcony with white brick columns and metal railing frames a city skyline of tall buildings. In the foreground are wrapped pallets, green trees, and a bright blue sky with a diagonal shadow.

A second rooftop lounge with skyline views. Photo: Alexandria Sands/Axios

Construction site with workers in orange vests and helmets; dirt, gravel, and concrete along a new sidewalk. Modern multi-story buildings in the background, trees, blue sky, and machinery.

Construction site with a white brick building under development, metal scaffolding, and a yellow JCB crane. Workers in safety vests on a dirt road beneath a blue sky.

Construction site beside a white brick building with large glass windows. A worker on a raised platform inspects the facade while a Deere excavator sits nearby; orange safety fencing surrounds site.

about $25,000 to $50,000 for each garage space. 

Optimist Park was largely single-family houses, many of which were Habitat homes.

Developer builds for a less car-dependent Charlotte

Construction site in a modern white-brick building. Three workers in neon vests and hard hats stand by concrete stairs; blue wrap on left, reflective metal panels overhead, gravel and buckets nearby.

A <a class="gtmContentClick" data-vars-link-text="developer" data-vars-click-url="https://www.axios.com/local/charlotte/2026/02/04/small-bar-noda-opening-joinery-sports-dive" data-vars-content-id="0d547b0e-6848-4466-b0d3-d8170cded7fa" data-vars-headline="Developer builds for a less car-dependent Charlotte" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/charlotte/2026/02/04/small-bar-noda-opening-joinery-sports-dive" target="_self">developer</a> is about to open its next &quot;car-optional&quot; community in the NoDa area, taking a bet on the type of city that Charlotte could be. But also, what many still think it isn&#x27;t ready for.Why it matters: In an auto-centric city with an <a class="gtmContentClick" data-vars-link-text="oversupply of cookie-cutter apartments" data-vars-click-url="https://www.axios.com/local/charlotte/2024/06/06/identical-apartments-architecture-development-construction-same" data-vars-content-id="0d547b0e-6848-4466-b0d3-d8170cded7fa" data-vars-headline="Developer builds for a less car-dependent Charlotte" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/charlotte/2024/06/06/identical-apartments-architecture-development-construction-same" target="_self">oversupply of cookie-cutter apartments</a>, Space Craft&#x27;s project is an urban option for Charlotteans willing to change their habits in exchange for walkability and distinctive design.

Development

JPMorganChase is opening a new SouthPark corporate office to house 1,000 employees, including 400 new hires, in early 2028, the company announced Tuesday.

Why it matters: As layoffs rise, Charlotte, the nation's No. 2 finance hub, continues to add more promised jobs through big announcements, from JPMorgan to SMBC earlier this month.

Zoom in: The firm's new space at One Piedmont Town Center, 4725 Piedmont Row Dr., spans roughly 145,000 square feet across five floors and gives room for growth, the bank says.

Many new roles will be in commercial and investment banking, but also private and consumer banking.

The firm currently employs more than 600 Charlotte-based corporate workers spread across two other SouthPark buildings.

What they're saying: "[T]his move reflects not only our continued commitment to this market, but our intention to grow here in the years to come," Carrie Galloway, head of the Carolinas for J.P. Morgan Private Bank, said in a press release.

The big picture: Although layoffs in North Carolina are up more than 50% so far this year compared to last — driven largely by Charlotte-area companies — the city is making up for losses through a streak of huge job announcements, including:

Japanese "megabank" SMBC is opening a second headquarters Uptown with 2,000 jobs.

Scout Motors chose Charlotte for its global headquarters, with 1,200 jobs.

Shipping giant Maersk is moving its North American headquarters here with 1,300-plus employees.

The intrigue: JPMorgan is showing interest in expanding its presence in Charlotte and will showcase that by putting its name on its new office tower for brand awareness.

It opened its first commercial banking office here in 2011, followed by its private bank office in 2017 and its first Charlotte-area branch in 2020.

JPMorgan chairman and CEO Jamie Dimon, one of Wall Street's most powerful executives, visited SouthPark last year to cut the ribbon on the bank's 1,000th branch since an expansion initiative launched.

"We are very happy with the trajectory we have had to date," said Matt Beardall, J.P. Morgan's head of Commercial Banking for the East Coast. "Having our talented employees together in a new, state-of-the-art work space will add fuel to the fire of our momentum."

What's next: The office is expected to open in early 2028.

a spike of more than 50% driven largely from Charlotte-area companies

JPMorganChase to open 1,000-employee SouthPark office, add 400 jobs

Charlotte lands another win: JPMorgan adds 400 jobs.

The JPMorgan Chase logo is seen at their headquarters building

JPMorganChase <a class="gtmContentClick" data-vars-link-text="is opening" data-vars-click-url="https://www.axios.com/local/charlotte/2025/08/01/chase-keeps-opening-new-charlotte-branches-even-as-in-person-visits-decline" data-vars-content-id="25af4c8c-054f-4a19-8227-e4d8fca6fbf1" data-vars-headline="JPMorganChase to open 1,000-employee SouthPark office, add 400 jobs" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/charlotte/2025/08/01/chase-keeps-opening-new-charlotte-branches-even-as-in-person-visits-decline" target="_self">is opening</a> a new SouthPark corporate office to house 1,000 employees, including 400 new hires, in early 2028, the company announced Tuesday.Why it matters: As layoffs rise, Charlotte, the nation&#x27;s No. 2 finance hub, continues to add more promised jobs through big announcements, from JPMorgan to SMBC earlier this month.

For National Pretzel Day, I'm dropping my list of top pretzels in Charlotte after two years of tedious research.

Why it matters: In a crowded pretzel market, only a few prevail as the city's best twists.

Editor's note: These are in no particular order. I'm a news reporter, not a food critic. But I have eaten a lot of pretzels.

Two large dark brown pretzel rings with coarse white salt sit on a metal tray, surrounded by small black cups of yellow cheese dip; a branded paper liner is beneath.

This + a nice seat in the beer garden = vibes. Photo: Alexandria Sands/Axios

This humongous knot comes with some high-quality salt. You are required to wash it down with a beer. That's the best part.

And I love a beer cheese that actually tastes like beer cheese. I want to visualize the pouring and stirring of brew in a giant cheese pot.

💵 $18 for the large. (You want the large.)

A glossy, salted soft pretzel twists on red-and-white checkered paper, with a yellow cheese dip in a plastic cup resting on its loop.

Just an absolute Charlotte classic. Photo: Alexandria Sands/Axios

They claim it's famous for good reason. I will never go here and skip the jumbo grilled pretzel. Comes with beer cheese.

But honestly, it can stand on its own, a rare achievement.

Tray of glossy pretzel buns with coarse salt on a metal tray, three black dipping cups (mustard, creamy sauce, orange-tinted dip) and a glass of orange juice on a weathered wooden table.

Sauce so good, you'll be scraping the little bowls. Photo: Alexandria Sands/Axios

I was beefing with Legion when they took their pretzel off the menu, but they've recently brought it back in another form — ball form.

What's really slapping here is the sauce lineup: Pimento butter. Beer cheese. Mustard that'll clear your sinuses.

The only problem is that there are only four rolls. I could easily pop 20 of these in my mouth like Scooby-Doo.

Golden-brown pretzel with coarse salt rests on a plate beside pale pink sliced meat, red onion rings, and chopped chives in a light sauce.

No concerns over dip-to-pretzel ratio here. Photo: Alexandria Sands/Axios

Gilde's pretzel executes on four vital qualities: crispy outside, soft and warm inside, buttery dressing and a solid dipping sauce.

It earns a rare five stars, kudos to the originality of the "cold German" cheese dipped, topped with slivered onion and chives. A unique distinction from the typical beer cheese in our brewery city.

Several glossy pretzels with coarse salt sit on branded parchment next to a pale cheese dipping sauce in a white carton.

I wouldn't normally order soft pretzels at a hamburger joint, but if I do ... Photo: Alexandria Sands/Axios

The buttery glaze on these Bavarian pretzels is insane and helps the warm dough melt in your mouth.

Worth noting is the generous portion of brew cheese.

Alex's very serious Charlotte pretzel ranking

Young woman at an outdoor beer garden, sunglasses on her head, raises a beer glass as a large pretzel platter with dips sits in front of her.

For National Pretzel Day, I&#x27;m dropping my list of top pretzels in Charlotte after two years of tedious research.Why it matters: In a crowded pretzel market, only a few prevail as the city&#x27;s best twists.

Food and Drink

The N.C. Department of Transportation's own projections show that building the I-77 South toll lanes could increase traffic volume on the interstate by up to 44%, according to an email exchange obtained by Axios.

Why it matters: The state is moving forward with spending $600 million in public funds for a highway widening that will primarily improve travel times for people who can afford to pay.

Driving the news: Emails between a contractor on the I-77 South project and a homeowner in Clanton Park, which is along the proposed toll corridor, discussed whether the team studied induced demand, the idea that highway widenings incentivize driving and fail to relieve congestion long term.

"The traffic forecast indicates that within the I-77 project limits, I-77 volumes will be 8% to 44% higher under Build conditions compared to No-Build conditions," the project team member responded.

The area between the I-485 and I-277/Belk interchanges would see the most increase, according to the contractor in the email exchange.

What they're saying: NCDOT says induced demand generally does not apply to toll lanes, and traffic is expected to increase "with or without this project," exceeding 200,000 cars per day by 2050. Although, the email correspondence noted that regional growth projections were steady in the model.

"Anytime you widen a road, you will see an increase in traffic," NCDOT spokesperson Jen Goodwin tells Axios. "However, this project also increases overall capacity along the corridor by adding two express lanes in each direction, which will help improve overall travel times and reduce the crash rate."

NCDOT says it is managing congestion through variable tolling, meaning the paid option has an established minimum speed limit and a "reliable travel time."

Reality check: Not everyone will be able to afford the reliability.

Traveling the I-77 North tolls for 23 miles around rush hour could cost around $28.85 with a transponder or $43 without, according to a WSOC report tracking prices.

What's next: NCDOT plans to send out its first draft of the request for proposals this June, with the environmental study not completed until next year.

according to a WSOC report where they tracked prices.

NCDOT's own forecast shows I-77 toll lanes could increase traffic up to 44%

I-77 South widening could increase traffic by 44%.

Sunny day on a multi-lane highway; a white semi-trailer sits in the right lane beneath an overpass. Green road signs point to Columbia and list Fifth St and Trade St.

The N.C. Department of Transportation&#x27;s own projections show that building the <a class="gtmContentClick" data-vars-link-text="I-77 South toll lanes" data-vars-click-url="https://www.axios.com/local/charlotte/2026/02/05/ncdot-elevated-i-77-express-lanes" data-vars-content-id="9348844b-4993-4378-9dc6-24d023eae21a" data-vars-headline="NCDOT&#x27;s own forecast shows I-77 toll lanes could increase traffic up to 44%" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/charlotte/2026/02/05/ncdot-elevated-i-77-express-lanes" target="_self">I-77 South toll lanes</a> could increase traffic volume on the interstate by up to 44%, according to an email exchange obtained by Axios.Why it matters: The state is moving forward with spending $600 million in public funds for a highway widening that will primarily improve travel times for people who can afford to pay.

Alexandria Sands

Featured stories

NCDOT's own forecast shows I-77 toll lanes could increase traffic up to 44%

Alex's very serious Charlotte pretzel ranking

Developer builds for a less car-dependent Charlotte

JPMorgan bets on Charlotte hiring push

JPMorganChase to open 1,000-employee SouthPark office, add 400 jobs