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WB's stock might have to go lower, to make it a true bargain for JPM, based upon what happened with Bear Stearns. Ironically, WB's Pick a Payment toxic mortgage paper is largely responsible for ending the company as we know it, as the Fed will soon be desperate for JPM to Pick a Price to bail them out. One would think there will be massive layoffs, as JPM won't need all of the redundant positions located in Charlotte.
WB's stock might have to go lower, to make it a true bargain for JPM, based upon what happened with Bear Stearns. Ironically, WB's Pick a Payment toxic mortgage paper is largely responsible for ending the company as we know it, as the Fed will soon be desperate for JPM to Pick a Price to bail them out. One would think there will be massive layoffs, as JPM won't need all of the redundant positions located in Charlotte.
Astute observation . . . Seems to be a trend w/ the big layoffs . . . not to get offtrack . . .but I noticed that Citi is laying off 65,000 - worldwide.
Bank of America is not going anywhere, they just re-orged and they will have leadership in California (Mortgages and the Countrywide takeover), NY with its investment banking and Charlotte with it's retail. If the leadership wants to move to NY and it's new building it would only be a few jobs. They only have 15,000 jobs here. Wachovia my merge with Wells Fargo or JP Morgan, which would mean their corporate headquarters would move. They would still keep 30,000+ associates here, no way they could afford to reloacte them all to NY or Cali.
Wachovia my merge with Wells Fargo or JP Morgan, which would mean their corporate headquarters would move. They would still keep 30,000+ associates here, no way they could afford to reloacte them all to NY or Cali.
Agree . . .but they could lay a hunk of them off and hire others in NY . . . where all the other laid off employees from various banks are living and trying to find work. That is my concern.
Agree . . .but they could lay a hunk of them off and hire others in NY . . . where all the other laid off employees from various banks are living and trying to find work. That is my concern.
It seems to me that when a bank is taken over by a bigger entity, that a large portion of the white-collar jobs at that bank get "wiped out". Layoffs of 25-50% of the institution being accquired are not uncommon. My former mortgage company went through a 25% layoff recently. The purchase of "Golden West" by Wachovia seemed like an idiotic decision to me at the time, and I've never been a banker or "played one on TV"! If I could see through the "housing bubble" in 2005, I can't for the life of me, see how "supposed" professionals missed it - my old NJ house couldn't keep going up in value 25% a year forever!! If Wachovia is sold and it's Charlotte employees laid off, it will be the fault of incredibly stupid and greedy management.
It seems to me that when a bank is taken over by a bigger entity, that a large portion of the white-collar jobs at that bank get "wiped out". Layoffs of 25-50% of the institution being accquired are not uncommon. My former mortgage company went through a 25% layoff recently. The purchase of "Golden West" by Wachovia seemed like an idiotic decision to me at the time, and I've never been a banker or "played one on TV"! If I could see through the "housing bubble" in 2005, I can't for the life of me, see how "supposed" professionals missed it - my old NJ house couldn't keep going up in value 25% a year forever!! If Wachovia is sold and it's Charlotte employees laid off, it will be the fault of incredibly stupid and greedy management.
E, according dh you are SO correct......and put it so nicely....
Hey don't forget some other cities lost their banks to NCNB back in the day..
There were a lot more banks around 10 or 15 years ago, that were major players and the effect on a given city was much less drastic than it is now! At the rate banks are merging or being bought out, we will have a choice of Bank A or Bank B in a few more years!
I know someone who worked for First Charter which was just bought by Ohio based 5th Third Bank (some name, huh?). Anyway, a lot of customers closed their accounts because if you have are overdrawn, they charge you $5 a day in addition to the normal overdraft fees of around $30 per transactions.
Location: Some got six month some got one solid. But me and my buddies all got lifetime here
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Originally Posted by TheEmissary
If Wachovia is sold and it's Charlotte employees laid off, it will be the fault of incredibly stupid and greedy management.
From what I'm hearing, "if" may be replaced with "when" on both counts at some point in the not-too-distant future. The word "merger" should not even enter into this scenario. Fact is that if anything is done by JP Morgan it's not going to be a merger but a buyout. Em and NCguy are right. If we use history as the indicator as far as the purchaser and the purchased, that big securities building on Tryon and it's other operations centers nearby have become an even more unstable house of cards.
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If I could see through the "housing bubble" in 2005, I can't for the life of me, see how "supposed" professionals missed it - my old NJ house couldn't keep going up in value 25% a year forever!! 
If Wachovia is sold and it's Charlotte employees laid off, it will be the fault of incredibly stupid and greedy management.
