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JP Morgan is growing its presence in Charlotte as it continues to invest in its middle market banking advisory practice.

Charlotte has long been a strong banking hub outside of New York, and recent announcements by JP Morgan to add 200 employees and Citi’s expansion of a $16.1m office facility is an indication of further investment in the North Carolina city. The move expands the New York-based banks’ presence in the city that is home to the headquarters of two of the top 10 American banks by total assets, Bank of America and Truist.

In an interview with 9fin, managing directors Matt Beardall and Dave Khalsa discussed growth in the region and focus on the middle market as sponsor coverage grows, and how JP Morgan’s direct lending strategy fits into the larger product ecosystem.

Beardall runs commercial banking for the east coast, and Khalsa heads up investment banking for the Southeast region.

1. Why have you chosen to expand coverage in Charlotte?

MB: Charlotte is a dynamic and rapidly growing market composed of diverse and thriving businesses, including a robust middle market spanning emerging industries to established corporations. This is a community in which our teams live and work, and we understand that there is tremendous value in being on-the-ground with our clients. There is also exceptional access to skilled banking talent in the market. By deepening our presence in Charlotte, we’re able to offer tailored advice, innovative solutions, and dedicated banking teams to help businesses navigate opportunities and challenges specific to the region.

DK: Charlotte is one of the fastest growing cities in the US, and with that comes a lot of business opportunity and complexity. Businesses are increasingly looking for sophisticated banking solutions and local expertise to help them chart a path to growth. Whether you’re a high-growth startup looking for venture funding or an established corporation looking to transition leadership through a private equity or M&A transaction, we are here to help Charlotte businesses across the ecosystem.

2. What is unique about the middle market sector in the Southeast?

MB: The companies, leaders, and investors that make up the middle market are the heartbeat of our economy in the Southeast and across the country. Time and again, they have shown incredible resilience and entrepreneurial spirit. Many of these businesses are family-owned or founder-led, with deep roots in their communities and a strong commitment to service, growth, and innovation.

We’re also seeing more foreign direct investment into the Carolinas and throughout the Southeast. We are particularly well suited to help companies with international needs and aspirations. The Southeast’s favorable business climate, access to talent, and expanding infrastructure create unique opportunities for companies and investors alike to scale and compete nationally and globally. What’s especially unique is the collaborative nature of the business community here, which fosters partnerships and drives economic development across the region.

3. What sectors are you seeing have particularly high levels of activity right now?

DK: A significant amount of the growth in the region is being driven by a few key industries: manufacturing, logistics, healthcare, and professional services, like accounting and law firms.

The combination of Charlotte’s population growth, strategic location and leadership position in these industries also make it an appealing market for private equity investors, who are looking to put capital to work across the middle market in the second half of the year. The presence of these investors creates significant opportunity across sectors to further drive growth.

4. How do you cover clients by both sector and location?

MB: At JP Morgan, we take a dual approach to client coverage — by sector and by location — to ensure we deliver the most relevant expertise and solutions. Our teams are organized around key industries, such as healthcare, technology, manufacturing, and real estate, allowing us to provide deep sector knowledge and specialized advice tailored to the unique challenges and opportunities within each market.

We also maintain a strong local presence across the Southeast, including Charlotte. Our bankers, whose lives are embedded in the community, understand the local business environment, regulatory landscape, and community dynamics.

By combining sector-focused specialists with locally based relationship managers, we’re able to deliver comprehensive coverage. This integrated model ensures our clients benefit from both global perspective and local expertise, helping them achieve their goals no matter where or what industry they operate.

5. How does the commercial bank work alongside the investment bank to help middle market companies throughout their life cycle?

MB: Our commercial and investment banking teams work closely together to support the middle market companies at every stage of their journey. As companies grow, their needs become more complex — from managing day-to-day operations and financing expansion, to navigating mergers, acquisitions, or accessing capital markets.

Our commercial banking team provides tailored solutions for working capital, treasury management, digital payments, lending and more, while our investment banking teams offer expertise in strategic transactions, capital raising, and advisory services.

By collaborating across these platforms, we deliver seamless support and guidance, helping clients unlock new opportunities, manage risks, and achieve their long-term goals. This integrated approach ensures that middle market companies have access to the full breadth of JP Morgan’s resources and insights as they evolve.

6. Does that model change for sponsor-backed or family-owned companies?

DK: The benefit of working with a firm like JP Morgan is that we are product and path agnostic. Whatever the structure, goals, or concerns of a client, we have experts across teams and around the globe who we can tap to help provide quality advice and guidance to our clients.  Our breadth and depth of expertise allows us to provide tailored solutions to each of our clients.

7. How do you keep clients within the ecosystem of JP Morgan?

DK:  Our goal, first and foremost, is to provide our clients with the resources that best fit their needs. As I mentioned, we are completely agnostic about what products or services are needed to get them there. Our priority is delivering the best solution, whatever that looks like.

We offer a comprehensive suite of financial solutions that evolve with our clients’ needs, from startup to IPO and beyond. As our clients’ businesses grow and their personal and corporate wealth needs evolve, we pull in experts from commercial, investment, and private banking to provide guidance and support — whether a client is seeking financing for expansion, considering a strategic transaction, or planning for generational wealth.

To give an example, consider a founder-owned commercial banking client where we provide treasury services and financing to help the company grow. When they are ready to sell, we provide M&A advisory on the sale to a private equity client. We are able to finance the acquisition for the private equity client. From there, we help the seller and their family’s personal banking needs through our private bank, and their personal credit card needs through Chase. We then support the private equity firm with more acquisitions of our commercial banking clients, and eventually help sell the company to a larger strategic buyer. Thus we are able to play an important role in all aspects of the company’s lifecycle.

8. How does JP Morgan’s focus on its direct lending strategy play into the growth?

MB: Our direct lending strategy is a key driver of growth for both our clients and our firm. We’ve been in the direct lending market since 2021, and since that time we’ve deployed approximately $13 billion. To build on that success, we recently increased our balance sheet allocation to $50 billion, which gives us ample capacity to support our clients and compete effectively across the spectrum of clients we support.

By providing direct access to capital, we’re able to offer flexible financing solutions that meet the unique needs of middle market companies and entrepreneurs. This approach allows us to respond quickly to opportunities, support business expansion, and help clients navigate changing market conditions.

DK: Direct lending also strengthens our relationships by enabling us to work closely with clients throughout the entire credit process, from structuring to execution. It positions us as a long-term partner, not just a provider of capital. As demand for tailored financing continues to rise in the Southeast and beyond, our direct lending capabilities help us deliver value, foster innovation, and drive economic growth in the market.

We’re very excited about where we are in direct lending and how it fits into our broader capital markets platform. We have $15 billion of capital committed through our co-lending program, which adds to our firepower.

All our capital markets offerings — from public and private equity and equity-linked, to loans and bonds — sit under one roof.  Our bankers are agnostic to product — it’s about delivering the right solutions to our clients, including direct lending.

9. What’s your favorite fall activity in Charlotte?

MB: I always love the bike trails and Greenways in the fall, especially as the leaves start changing color.

DK: Golf, tennis, and pickleball while the weather is still nice!

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