Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Great find Sunny! That page shows the financial services field hasn't been growing much compared to other areas. And it makes me recall that "the big 2" in Uptown have both had significant hiring freezes over, at least, the past year and a half, going on two years. So there wouldn't be many of the thousands moving here recently going to work for them. Here's a recent related link that speaks to where the job growth in Charlotte has been lately, and it hasn't been financial services...
Link: Charlotte Observer | 06/06/2008 | Region adding jobs but at slower pace (http://www.charlotte.com/171/story/656702.html - broken link)
And Brian is correct, Wachovia has 20,000 people here. They have 6,000 in Atlanta, and BofA has a similar numbers in both cities.
BOFA has too much invested in Charlotte to just pick up and leave. They are even building a new office tower and Ritz-Carlton Hotel. Wachovia, on the other hand, might get taken over but I doubt they would let that happen. They are also building a new 48 story office tower here that is already fully leased. It just doesn't make economic sense to just pick up and leave and relocate to a place that is a lot more expensive and I doubt they could get most of their employees to relocate to somewhere like NYC. BOFA isn't going anywhere, and if Wachovia merges or gets bought out by whoever, then we might loose the headquarters title but they will still have a very large presence here.
I don't agree. First the building cost is pocket change. They could have write downs of another $40 billion. The pick-a-pay mortgages going bad is killing them. The had writing is on the wall. I expect at least 7000 from Charlotte will loose their jobs. I bet plans have already been made.
This would devastate some of the economy like real estate. Wachovia has lots of people making $200,000 a year.
Location: Some got six month some got one solid. But me and my buddies all got lifetime here
4,555 posts, read 10,403,877 times
Reputation: 2162
Forbes today has an article which quoted a New York University economist, one who predicted this mess step by step last February, basically saying that the BofA/Countrywide move is going to cost Ken Lewis his job. At this point it almost seems to be a no brainer. The same article states that Countrywide is already holding about 34 billion dollars in worthless second mortgages. Hell of an acquisition by Ken Lewis. If he really does sign off on the Countrywide deal they might as well save him a spot on the unemployment line.
The whole article is here.
Second Helping For Bank Shorts - Forbes.com (http://www.forbes.com/opinions/2008/06/27/bank-goldman-lehman-oped-cx_rl_0630croesus.html - broken link)
I know BofA has already announced 7500 job cuts nationwide, I don't think they know how many of those will affect Charlotte as of yet.
As far as Wachovia goes, they're so far in the hole with PAP loans that they don't even trust their own judgment to pick out the bad ones. They go out and hire Goldman Sachs to pick out the bad ones for them to sell off. To make matters even worse, Wachovia's stock is down (again) today due to them possibly having to buy back Prudential Financial piece of their joint retail brokerage venture, valued at an estimated 5 billion dollars. I think they're the absolute biggest concern as far as even having any future presence in Charlotte, especially if JP Morgan buys them out.
I thought I would chime in not only as a worried wife and mother but as a newbie to the area. My Dh was brought down from Canada to take a job at Wachovia and has just began there with in the last few weeks. I know some of the ppl there have brought up the rumors in passing but the over all inside feel is one of security. I for one pray that is the case as we are trying to sell our home in Canada and buy here as well.
Now having had a husband whos work life is that of the bank due to the Network Security we have been this route before. That is how we ended up in Canada. Started with the rumors, then layoffs then told the ones left either move or your gone. Our move came when I was pregnant and we just built our dream home. We had to turn it over for the relocation package to take effect and we never had a chance to really love our home of blood sweat and tears.
I pray no one is effected and I am sadden this may be a road many of us may have to go down. While there is a strong sense of security among most of the employees it does happen. I just hope this time it is someone else because we have not even been here a month. I would hope them bringing him down was a positive move and one of growth.
I thought I would chime in not only as a worried wife and mother but as a newbie to the area. My Dh was brought down from Canada to take a job at Wachovia and has just began there with in the last few weeks. I know some of the ppl there have brought up the rumors in passing but the over all inside feel is one of security. I for one pray that is the case as we are trying to sell our home in Canada and buy here as well.
Now having had a husband whos work life is that of the bank due to the Network Security we have been this route before. That is how we ended up in Canada. Started with the rumors, then layoffs then told the ones left either move or your gone. Our move came when I was pregnant and we just built our dream home. We had to turn it over for the relocation package to take effect and we never had a chance to really love our home of blood sweat and tears.
I pray no one is effected and I am sadden this may be a road many of us may have to go down. While there is a strong sense of security among most of the employees it does happen. I just hope this time it is someone else because we have not even been here a month. I would hope them bringing him down was a positive move and one of growth.
Oh, my. I can surely see why you are concerned. That would be a crazy situation if they were to lay off people here in CLT. I would think, even if they did that, it would not happen over night. That would be a lot of people to relocate. Are you already looking for a house here? I think I would put that off (if you are) and hold tight for a few months - see if your house sells in CA, and continue to rent. That way, if things settle down, you can always buy a house here later on down the road.
Let us know if there is any way we can help you get settled here. Let's hope your husband's job won't be affected, no matter what happens.
Currently I am living with my two boys in Greenville SC with family and my DH is living in one of those extended stay hotels there. We simply can no afford two house payments at this time. This weekend was the first weekend I came up to scan the area for homes to get an idea. We are thinking about renting for a while once the house sells and building.
I thought I would chime in not only as a worried wife and mother but as a newbie to the area...
^^^^ Chalk one up for the negative ninnies (not talking to you emagine, those who I'm talking to know who they are).
I’m not like some of the folks I’ve talked to in recent days who insist Wachovia would never get purchased. I actually think it could happen, but as I’ve said I don’t think it would be the end of the world. And as said, most assuredly the acquirer would maintain a huge presence here.
However, this conversation reminds me of the doom and gloom discussions last year when folks somehow came to the conclusion that Charlotte was the only city going to suffer from the mortgage meltdown. If you do a Google news search for last week, you’ll see that JP is now also rumored to be looking at SunTrust, WaMu and many others. What you have to consider is 1) Wachovia and BofA are not the only banks suffering now (look at JP’s stock). And 2) if a bank like JP really wanted to pick up a “prize” franchise, they have many options besides Wachovia which all would pose fewer problems. If you think about it, why would a bank take a chance on a behemoth like Wachovia if they could pick up somebody like WaMu or SunTrust. Here are some related stories...
Report: J.P. Morgan eyeing SunTrust for merger | ajc.com (http://www.ajc.com/business/content/business/stories/2008/06/26/suntrust_merger_report.html - broken link)
I post this because as many analysts have said, after JP Morgan, the likelihood of another domestic bank looking at Wachovia is slim to none; and a foreign bank would find a lot of opposition to such a deal, but anything is possible…
I have been following these rumors on this site too. My bf moved down here for a contract job with Wachovia. We knew that was a risk but we did it anyway because we are fairly young and have not bought anything here.
They are now in the process of making him full time. He has become close with his boss quickly and and they want him full time plus his boss has told him there is no way a buy out is going to happen. I just hope that's true, reading all these posts on here has made me quite worried.
Currently I am living with my two boys in Greenville SC with family and my DH is living in one of those extended stay hotels there. We simply can no afford two house payments at this time. This weekend was the first weekend I came up to scan the area for homes to get an idea. We are thinking about renting for a while once the house sells and building.
Oh the joys of the world huh?
Well, DH and I have been thru/ the buy-out and down-sizing thing . . . more than once!!! It surely can happen . . . but it can happen in any business. In fact, DH's company was bought out last year and of course - rumors were flying - but so far, it appears things are fine and his job will continue. But I do know why you are concerned and I have spent many a nite contemplating the same issues . . . I think it is easy to get concerned w/ reading posts on a thread like this . . . but just b/c people are posting their opinions and ideas, it doesn't make it any more accurate or "real" than if you were standing in the grocery store and speculating on the topic w/ a stranger. So just keep that in mind . . . Plus, no bank can just suddenly let 20,000 employees go, LOL! Someone still has to "mind the store," so to speak!
Just take your time looking around at property . . . your house hasn't sold in Canada yet . . . consider renting and if I were you, I would just assume things are gonna be fine . . . One thing about being my age . . . I have learned that the things we worry MOST about are rarely the ones that actually come true!!!! It is the surprises in life that take your breath away.
*hugs* thanks for the support and knowing there are others who are reading the thoughts of the day on here by others but are in fact on the inside looking out.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
WB on downward spiral?
