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I don't think they will leave. Both banks were created by local boys that enjoy competing with each other. They will be here for a while. Wachovia will most likely buy out Deutsch first.
All the banks are taking a hit right now, large and small. Today for instance, some of the analyst said they thought BB&T would lower their dividend due to losses. The stock went down and then upon a response by BB&T to say they excepted to increase not lower their dividend next year the stock leveled out.
I am very concerned about Wachovia. I think they are definitely a take over or buyout prospect to some bank that is looking to buy.
Bank of America has taken alot of losses also.
The one think we should all consider is the fact that because of the cost of gas many people are using their credit cards to buy gas (although the disturber said this morning that some gas stations are going to discontinue
the use of credit cards) and they cannot afford to continue to use their credit which could result in more losses for the banks in the future due to delinquent credit card accounts.
Hopefully, sometime in the next few years things will straighten out with the banks!
Personally I dont think Bank of America will move their offices at this time due to all the bad feed back the banks are getting at this time.
interesting! I am trying to remember the history of both banks . . . Let's see . . . when the BofA building was erected, it was Nation's Bank, I think. And as for Wachovia, wh/ originated in Winston-Salem, right?? - seems they have been thru several purchases . . . I am trying to remember them all. Did Wachovia buy Fleet? Hmmm. Doesn't quite seem right . . . And I was w/ First Union when it seems Wachovia bought them . . .
Who knows? As far as cost of living, the execs at the top are not affected - when you are getting millions of dollars in salary and bennies . . . what do they care.
So this should be interesting . . . maybe Trump will buy the BofA building when they move out. Stranger things have happened!
Well, if Wachovia ends up being bought, I’m sure the negative ninnies on the board will just have a party, LOL. But as others said, its really about jobs and costs. And most assurdly, the buyer would maintain a large presence here. Wachovia would offer a much more cost effective “employment infrastructure” than the headquarters city of the banks mentioned as potential buyers.
It wouldn’t be the end of the world. I offer as an example, Portland, OR and Nashville, TN. Both are home to very few Fortune 1,000 companies. There are more Fortune 500 companies in Charlotte’s city limits (6) than Fortune 1,000 companies in either metro Portland or Nashville. The entire Charlotte metro has about twice as many Fortune 1,000 companies heardquarted here than Portland, which is much larger. So while neither place is a big headquarters city; no one can deny that they have managed to do quite well regardless. Like Charlotte, both are “boom towns”; with thousands of people moving in every year and likewise numerous companies choosing to locate various jobs there.
Lastly, look at TIAA-CREF locally. They’re headquarted in New York, but have their largest operation outside of NY in Charlotte. Of their total 7,000 employees, a little over 2,000 are based here in Charlotte. And the jobs they have here are not just back office call center type stuff. Many are what would be considered corporate office positions. Again, its all about costs. And as for BofA, that rumor was squelched years ago. Other than being purchased by another bank, there would be no reason for them to move their headquarters.
interesting! I am trying to remember the history of both banks . . . Let's see . . . when the BofA building was erected, it was Nation's Bank, I think. And as for Wachovia, wh/ originated in Winston-Salem, right?? - seems they have been thru several purchases . . . I am trying to remember them all. Did Wachovia buy Fleet?
You got me racking my brain from decades ago . I remember Wachovia way before the First Union merger before their prominence in Winston Salem and it was a bank out of Atlanta. If I remember first union bought out Wachovia but they kept the Wachovia name?
I remember way before this they merge over a bank that I use to deal with and I cannot think of it but it help their presence in North Carolina.
I can definitely see them "moving their headquarters" to NY. It wouldn't take a whole lot to do this, and it would give them the reputation or status that they want to help them compete internationally. There would need to be some upfits to bring the offices in NY up to par with the executive floors in the BOA Corporate Center downtown, but other than that it's not that hard to do.
I don't think it would hurt Charlotte too much, but it would be a loss of pride.
Actually, there wouldn't need to be a single bit of upfitting, as BOA has already constructed a brand new tower in midtown Manhattan. Ken Lewis has said he is committed to Charlotte, but we all know CEOs arent always the most truthful people. Bank of America Begins Work on $1-Billion NYC Tower - Site Selection Online
It only took one big time layoff each for DH and I at the same bank in Southern CA for us to learn to stay away from employment in banking, unless we're desperate! It is just too volatile of an industry. Back then we worked at corporate HQ which housed 12,000 employees. The President who then took over as CEO ran the bank down to the ground to the point of takeover by then Great Western who then got taken over by WaMu. Who knows where WaMu would be going now, and both our pensions have transfered over twice. Sad for a 100 year old + company that was doing so well then, one with so much history it had its own float at the Rose Parade.
The entire Charlotte metro has about twice as many Fortune 1,000 companies heardquarted here than Portland, which is much larger
actually, charlotte is significantly bigger than portland.
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