Atlanta’s SunTrust to merge with BB&T, shift HQ to Charlotte (Columbus: buying, salaries)

[citidata18]

Originally Posted by Pemgin

Well, we should care a little bit. It's not a deathblow, but SunTrust is a major Atlanta institution. It's probably not as big a deal as losing Coke, Home Depot, Turner, or what's left of CNN, but it's a bigger deal than losing, say, Newell. This is also a good reminder that as Atlanta trains its sight at the other big boy American metros, it needs eyes in the back of its head to watch those trying to catch up. We'll never win everything, but there needs to be introspection when we lose. Especially to a smaller metro.

Agreed.

[Mutiny77]

Originally Posted by citidata18

I'm not sure why people keep saying "Norfolk Southern is coming."

Reality check: Most of Norfolk Southern (2,500 jobs) was already here. Atlanta at most is only gaining 850 more jobs and another feather in its cap from a generic HQ bragging standpoint. And this is after they held a gun to our heads and we had to give then subsidies (I'm sure they're going to be awesome corporate citizens if all of that was any sign of things to come).

I get what people are trying to do ("think positive" like a person who has suffered from a traumatic event that chooses to dissociate from reality to cope with the pain), but when compared with losing many as 7,500 jobs, the largest private sector downtown employer, one of the region's largest occupier of office space and the status of being home to a major bank HQ, quite frankly the Norfolk Southern stuff isn't all that impressive.

But there's a BIG difference between losing a F500 HQ due to an acquisition and losing one due to relocation involving issues like attracting and retaining talent. One is part of the ebbs and flows common within corporate America and all cities are affected; the other speaks directly to LOCAL challenges and issues.

[atler8]

Originally Posted by windycityfan

It was a cold bucket of bad news, not only for the uncertainty it brings to all of us employees, but for metro Atlanta in general.

I relocated here from the Midwest, looking for my place in the sunbelt I could call home. I loved Suntrust. After a couple turns working for a smaller financial institutions in the area (though headquartered elsewhere), being employed by SunTrust immediately filled the void I left working for a larger midwestern bank I used to call the best place I’d ever worked for. Despite knowing full well the risk of relocating here instead of Charlotte back then (my career has always been tied around the corporate headquarters, and Charlotte does offer far more than Atlanta in finance), I had finally gotten where I wanted.

Fast forward 8 yrs, oldest son about to become a high school freshman in 2019, friendships all around, good life in the burbs, a home we love, here I am up since 2:30am with a brain that won’t shut off. Spouse’s income would be lost with a move too.

Spoke to my family last night about bracing for impact. Best case scenario we hang on for another 5 years if we’re lucky. Of course, that’d be just postponing the inevitable.

Good luck to all of you “teammates” out there.

I'm truly saddened to know of your immediate new reality & the uncertainty that this merger announcement brings with it. I wish you the best in the future as you consider your options & move forward.

Despite the fact that a major aspect of the bank will be based here, metro Atlanta will most certainly lose out on jobs in the final run & also lose it's last large hometown bank hq & a Fortune 500 based hq.
All in all, it's a sad time for Atlanta as once again, it takes it on the chin in the banking/financial services field.

I worked in financial services here in Atlanta for 37 years during which I used to often mingle in the social and business circles of a very close friend in Charlotte who was an NCNB/Nations Bank/Bank of America v.p. As such, I experienced many episodes during which I felt the brunt of their various rivalries they held with Atlanta & I can assure all of you that up the road 250 miles there is a fair measure of joy unfolding at our misfortune & their good news.

[Mutiny77]

Originally Posted by walker1962

Practically every city has medical is not really true. Houston has the biggest medical complex in the world with the Texas Medical Center (employs over 100,000). Cleveland has the Cleveland Clinic. Minneapolis has the Mayo Clinic. Baltimore has Johns Hopkins and Boston has several highly respected health care operations.

Firstly, I said practically every *major* city has a sizable healthcare industry and that's very much true. I'm not sure what your examples were supposed to prove because that's not even close to an exhaustive list of cities with important or major medical/healthcare facilities. As I said earlier, healthcare is an extremely broad industry and if you're talking about patient-centered healthcare facilities specifically, those tend to be tied to major universities and that's something most major cities have. Of course when it comes to treating certain conditions some cities will have specialities there but the basic functions of healthcare are carried out locally and personally and this is why major metros have large healthcare sectors. But if you're talking specifically about things like research or biotech where some cities do stand out from the pack, then you need to say that.

[citidata18]

Originally Posted by Mutiny77

But there's a BIG difference between losing a F500 HQ due to an acquisition and losing one due to relocation involving issues like attracting and retaining talent. One is part of the ebbs and flows common within corporate America and all cities are affected; the other speaks directly to LOCAL challenges and issues.

I don't see what any of that has to do with my point.

To keep mentioning that NS is "coming" does not come close to making up for the sting from Suntrust leaving.

[Mutiny77]

Originally Posted by citidata18

I don't see what any of that has to do with my point.

To keep mentioning that NS is "coming" does not come close to making up for the sting from Suntrust leaving.

That's not what people are saying. Folks are saying that SunTrust "leaving" isn't them making the decision to uproot the bank and go to NC. They were bought out and new management, based in NC, decided to have the new bank based in NC also. Thus, this hardly means that Atlanta is losing its luster as a corporate center and that's where NS comes in, among a few others in recent years that shows otherwise.

[citidata18]

Originally Posted by Mutiny77

That's not what people are saying. Folks are saying that SunTrust "leaving" isn't them making the decision to uproot the bank and go to NC. They were bought out and new management, based in NC, decided to have the new bank based in NC also. Thus, this hardly means that Atlanta is losing its luster as a corporate center and that's where NS comes in, among a few others in recent years that shows otherwise.

That's a ridiculous take (I call it mental gymnastics).

Regardless of how you spin this, it's a significant blow that a company like NS won't mend.

[chiatldal]

Originally Posted by citidata18

That's a ridiculous take (I call it mental gymnastics).

Regardless of how you spin this, it's a significant blow that a company like NS won't mend.

Your killing me with this "mental gymnastics" stuff, when your the only person who going throw "mental gymnastics" with this, Your saying this because recuse accept we don't see this in light you does.

Does Charlotte beat Atlanta in logistics? Tech? Education? Retail, Food service? Media? etc etc etc etc No, Does this even mean Charlotte has as many Fortune 500 companies Atlanta as no, What happen is Atlanta hook a L in Finance. This does suck, But Finance seems to be a niche thing to Charlotte. Many large cities such a Dallas and Houston aren't financial hubs at all. Charlotte been Ranked higher and punch above it's weight in this particular industry. But small cities leading in one or two industries, doesn't change Atlanta already dominate in most to the Southeast. The only way you can be unset by that unless you expect Atlanta to dominate everything in the Southeast.

[LynnHarris1]

Charlotte notches another win over Atlanta in bank wars

https://www.ajc.com/business/charlot...ngZJltdcQlvII/

[citidata18]

Originally Posted by chiatldal

Many large cities such a Dallas and Houston aren't financial hubs at all.

That's just blatantly false.

Dallas is home to Comerica Bank, as well as the financial divisions for GE and GM. It's also home to several notable lending institutions (Hilltop Holdings, CashAmerica, Caliber Home Loans, etc.).

Even Houston is home to Prosperity Bancshares and Amergy Bank.

Atlanta's practically in a league of its own (not a good one) at this point without a major bank HQ and little in the way of a banking/finance industry (unless you count the Federal Reserve), other than maybe Seattle.