U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-23-2007, 05:19 PM
 
Location: Indian Trail, NC
396 posts, read 1,303,919 times
Reputation: 128

Advertisements

Just saw that Wachovia has laid off 200 more today in the CIB Division (which is where their wholesale mortgage lending is)... Sad news. I know a lot of folks express almost relief that the banks are having a tough go of it after making the loans that they made, but there are a lot of displaced employees out there now who are hurting.
Reply With Quote Quick reply to this message

 
Old 10-24-2007, 04:07 PM
 
Location: Some got six month some got one solid. But me and my buddies all got lifetime here
4,551 posts, read 9,273,958 times
Reputation: 2121
Quote:
Originally Posted by 3johnsons View Post
Just saw that Wachovia has laid off 200 more today in the CIB Division (which is where their wholesale mortgage lending is)... Sad news. I know a lot of folks express almost relief that the banks are having a tough go of it after making the loans that they made, but there are a lot of displaced employees out there now who are hurting.

110 of those folks who are getting let go are from Charlotte. There were also hints that Wachovia isn't done with their layoffs either.

And now BofA's head of investment banking is retiring and 3,000 layoffs on the way. Curious to see how many of those are going to come from Charlotte as well. Needless to say this industry is going to get a little too interesting in the coming weeks.

Which I cannot stand. It sickens me seeing or hearing about good people losing their jobs. I understand it's a business decision and the company's got to do what the company's got to do. Whichever the case, hopefully those people rebound quickly.
Reply With Quote Quick reply to this message
 
Old 10-26-2007, 01:25 AM
 
Location: Uniquely Individual Villages of the Megalopolis
646 posts, read 601,589 times
Reputation: 36
Before I left NY about 2 years ago, Wachovia and BofA were aggressively entering the NYC, esp Manhattan mkt, Queens and Brooklyn.

Branches were popping up everywhere over night, then came in Seattle based Washington Mutual.

It seems BofA, don't know about Wachovia, tended to be very rought with their customers period, they had inherited me from Fleet now they remerged with MBNA. I'd never go back to BofA for anything including their FIA credit cards.

I stayed with Citibank not many branches around and with online banking it isn't hard, plus credit unions from NY that can be serviced thru CU service centers.
Reply With Quote Quick reply to this message
 
Old 10-26-2007, 08:56 AM
 
Location: Wantagh to Waxhaw
536 posts, read 1,540,195 times
Reputation: 164
Default Words of Wisdom...

The tide is going out, it will come back in!
Reply With Quote Quick reply to this message
 
Old 10-26-2007, 09:10 AM
 
Location: Union County, NC
33 posts, read 21,000 times
Reputation: 16
BOA and Wachovia are WAY too powerful to let this affect there success. Yes, they will have challenges, but they will always be well respected across the country. Sorry to those who lost there jobs over these cutbacks...
Reply With Quote Quick reply to this message
 
Old 10-26-2007, 12:24 PM
 
153 posts, read 431,785 times
Reputation: 43
Quote:
Originally Posted by Keith "Baby-Face" Lutz View Post
The tide is going out, it will come back in!
Exactly. My heart hurts to hear of people losing their jobs, too. But it seems that every October, BofA lets people go. You have to always keep your resume up to date and look out for yourself. The days of finding a job, then retiring with a gold watch are OVER!

We all need to be prepared with a Plan B, job-wise. JMHO. I was a consultant for 13 years and it is just the way I think. You have to take care of yourself.

Thanks everybody for the great posts on this topic!
Reply With Quote Quick reply to this message
 
Old 10-26-2007, 01:11 PM
 
Location: Suburban Buffalo, NY
928 posts, read 3,531,066 times
Reputation: 214
Wachovia has big plans, including their outsourcing in the phillipeans - you will be getting very groomed people half way around the world. I beleive wachovia calls it diversity and the global market place.

Earnings are the bottom line, you always gotta be preparied or you will drown. It's very sad that this is happening, but 100 people out of work isn't going to hurt Charlotte or it's economy. Now PHillip Morris that was huge.

Look at the other segements of the country wachovia and bofA are pulling out of, Reading PA, a small town, Allentown PA, tehse are cities that cannot absorbe of afford job lossees. I say get all that is coming to you and look out for yourself in the end.

Wachovia's customer service is way better over BofA but BofA's technology rocks!
Reply With Quote Quick reply to this message
 
Old 01-15-2008, 11:48 PM
 
Location: NC
22 posts, read 59,143 times
Reputation: 13
Default Wachovia May Surprise Down

Quote:
Originally Posted by Carolina Blue View Post
You should be optimistic. In the grand scheme of things, these were just "quarterly" results. And contrary to some "inferences", those two companies don't just employ people in Charlotte. BofA and Wachovia both announced they will have reductions "worldwide" related to the losses. Wachovia said their reductions would be around 200 people; and again that's worldwide.
I believe losses at Wachovia will be reported to be worse than expected next week. It would be nice for my stock if that was not the case. Write downs are more than thought a few weeks ago.
Reply With Quote Quick reply to this message
 
Old 01-16-2008, 04:36 AM
 
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,769 posts, read 6,753,253 times
Reputation: 2109
Quote:
Originally Posted by charlotteengr View Post
I believe losses at Wachovia will be reported to be worse than expected next week. It would be nice for my stock if that was not the case. Write downs are more than thought a few weeks ago.
The Wachovia CEO already warned (publicly) that 2008 is going to be a rough year.
Reply With Quote Quick reply to this message
 
Old 01-16-2008, 08:32 AM
 
Location: Huntersville
1,852 posts, read 4,666,916 times
Reputation: 525
the first 6 months will be rough, look at Citibank and it's $10billion loss. The whole US economy is either near a recession or in my opinion already in one. Its that time of the cycle, but I think it will be short lived, lots of predictions for a pick up in the end half of 2008.
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top