Banking giant SMBC ramps up Charlotte hiring, details how it plans to compete
As Japanese financial giant Sumitomo Mitsui Banking Corp. expands its presence in Charlotte’s competitive financial hub, it is positioning itself as a key challenger to established industry titans like Bank of America and Wells Fargo.
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After announcing in April that it would establish its second U.S. headquarters in Charlotte, the bank committed to creating 2,000 regional jobs over the next six years. Hiring is underway at SMBC, which has been in Charlotte since 2022.
SMBC is set to move from its regional office at 500 E. Morehead St. to a new, larger location at 301 S. College St. The transition will happen in phases, beginning in October.
Robin Milberg, chief human resources officer for SMBC, was in Charlotte Monday, Aug. 17, from New York City, the bank’s other U.S. headquarters. The Charlotte Observer spoke with her for an update on local hiring and expansion plans.
Including recent additions, SMBC now employs 280 people in Charlotte. Milberg noted the region’s strong banking and fintech ecosystem provides a rich talent pool, saying, “We are certainly finding the skill set here.”
Charlotte’s financial landscape is growing increasingly crowded, with bank expansion from JPMorganChase, Huntington National Bank, BankUnited, Fifth Third Bank, First National Bank, PNC Bank, USAA, Citigroup and U.S. Bank.
Wells Fargo, based in San Francisco, has the largest local presence with about 27,000 workers. The two Charlotte-based banks, Bank of America and Truist, have about 19,000 workers and more than 3,000, respectively.
Positions at SMBC will include a mix of executive, middle management, associate and analyst roles. The average annual salary for the new jobs will be $165,316. (Milberg was not able to provide a break down of pay and salary. SMBC doesn’t disclose specific salaries publicly, the company said.)
To compete, SMBC benefits package includes health and wellness coverage, paid volunteer days and professional development opportunities. “We don’t have a lot of sharp elbows. We’re all working together, and for everybody to get kind of the level of visibility they’re looking for and the career growth they’re looking for,” Milberg said.
The interview has been edited for clarity and brevity.
Since the announcement of the 2,000-job commitment, how many positions have been filled to date, and are you on track with your hiring timeline?
We have filled over 70 jobs, and we are looking to fill another 70 in the coming months. We have about 70 jobs posted online right now.
Of the roles filled so far, what does that look like in terms of executive management, bank employees and analyst levels?
It is really across the board. With the majority of our hiring right now at the vice president level, almost half of the roles are at that level. But we have analysts through managing director roles filled at this point.
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What type of positions are you hiring for?
Technology, operations, data and cyber. HR roles are available as well.
What percentage of employees are local to Charlotte versus relocations from other U.S. and other international offices?
The majority will be local. We are still working through the numbers on who will be relocating from New York, but it will be a mix of relocations from New York to this area, plus local hires.
Have you seen any challenges or surprises for recruiting in the Charlotte market?
The surprise has been our name recognition. They know our brand and I think they understand the amount of growth we’ve had. They certainly view us as a competitor to the big banks here.
Will work here be hybrid or required in-office?
It will be hybrid, but we do expect employees to be in the office at least two days a week. It is role-dependent, so managers will determine the specific requirements based on need.
What corporate culture should employees expect going from a regional office to a major U.S. headquarters?
We are known for a high level of collaboration, teamwork and being results-oriented.
As you hire more employees, what can they expect to see?
They can expect to be part of a growing organization and have a high level of visibility. This is our main focus of growth for our region, so they will have a large role to play in leading the culture here.
In a highly competitive banking hub like Charlotte, what is your strategy for employee retention and recruitment?
We pay close attention to the market when it comes to determining pay. We care deeply about inclusion, making sure everyone knows they have a role to play here.
Are you using AI in the hiring process?
We are not yet using it in the hiring process, but we are looking for ways to. We are in the process of implementing a new global HR system and are looking for ways to integrate AI into that.
What is the most challenging part of hiring in this market?
There is stiff competition. We are all looking at the same talent pool, and there are a lot of other banks in this market, so the competition is tight. We have to be very confident in our offers to ensure people choose us.
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