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.
The shame of all this is that Middle Class Americans will lose their jobs....so the Stock prices go up to keep the shareholders happy. This is why the private sector stinks. Companies do not care about their employees anymore...just the price of stock. While 10000 Americans will lose their jobs, the upper management will still be spending ridiculous money on luncheons, trips, private jets, sponserships of sporting events etc. Corporations do not care about there employees at all..they are just a number now a days.
The shame of all this is that Middle Class Americans will lose their jobs....so the Stock prices go up to keep the shareholders happy. This is why the private sector stinks. Companies do not care about their employees anymore...just the price of stock. While 10000 Americans will lose their jobs, the upper management will still be spending ridiculous money on luncheons, trips, private jets, sponserships of sporting events etc. Corporations do not care about there employees at all..they are just a number now a days.
The stock price is EXTREMELY important for those "10000 Americans" who have a fair share of their retirement in company stock, etc. The "big wigs" have worked their asses off to get to their positions, let's not rip them too much. Most companies care about their hard working employees (the ones who get to work early and stay late to excel at their positions). My view is that too many people who work for big companies do the "bare minimum" because they still get the same paycheck every 2 weeks. Maybe they develop a false sense of security.
The shame of all this is that Middle Class Americans will lose their jobs....so the Stock prices go up to keep the shareholders happy. This is why the private sector stinks. Companies do not care about their employees anymore...just the price of stock. While 10000 Americans will lose their jobs, the upper management will still be spending ridiculous money on luncheons, trips, private jets, sponserships of sporting events etc. Corporations do not care about there employees at all..they are just a number now a days.
Stock price helps everyone... So much is in people's 401K etc.
Of what I am hearing 6500 people and 4000ish open positions. These won't all happen at once. I agree that a leaner Wachovia is probably needed and thus it does suck, but 10% is better than closing.
Also the FDIC is pretty secure. Banks aren't going anywhere, but it is going to be a tough year yep. But there is so much info out there about recessions and such. Such as in the early 90's when it was worse.
Lets wish the best for those in and out of work. And hopefully things start to pick up. Other than Banks and airlines there were some good numbers out there. And even some Banks were ok.
If it's anything like most lay offs it will be restructuring for a better stance on the future. Drop more than you really need to then hire back the best or better to fill the jobs to get things stable....Jut my opinion of how it will go. I usually know the day of the layoffs since so many stay right here and I know them being in uptown.
Location: Some got six month some got one solid. But me and my buddies all got lifetime here
4,555 posts, read 10,401,557 times
Reputation: 2162
This Tony Plath gets around, doesn't he...
Charlotte bracing for Wachovia job cuts 6:29 PM | Local News | News for Charlotte, North Carolina | WCNC.com | Top Stories (http://www.wcnc.com/news/topstories/stories/wcnc-072208-mw-wachoviajobcuts.7f8b866b.html - broken link)
Quote:
Many of Wachovia’s positions are expected to be trimmed from the company’s Charlotte offices, said Dr. Tony Plath, an associate professor of finance at UNC-Charlotte.
“Any way you look at it today is not a good day for the Charlotte labor market,†Plath said, adding that he anticipated as many as 4,000 of the layoffs to come from Wachovia’s operations in Mecklenburg County.
Analysts have said Wachovia is now an attractive takeover target for other financial institutions including J.P. Morgan Chase and Wells Fargo
A merger could result in several thousand additional layoffs in Charlotte, Plath said.
Not being facetious here but a legit question: Does Tony Plath have a rep that makes him a quotable figure? Is he for real?
From what I understand from someone that should know J.P. Morgan isn't exactly talking nicely either during these times to their staff about the times.
This isn't good for our market but was expected...at least by me in the near future.
It's really sad the last few layoffs I saw people walking home about 10-12'ish in the afternoon and I was like what the? Kinda strange all it took was talking to one person and I knew every other time what they were walking home for at that time of day.
I've been through layoffs....nothing worse than being asked to come to the conference room....by yourself with all your belongings.
I read online today via usa today
As part of that plan, Wachovia said it would lay off 6,350 workers, affecting more than 5% to fits roughly 120,000 employees. A majority of those jobs will come from the mortgage area, Steel said.
When you look at this, they are trying to soften the blow by quoting 5%. However, i'm suprised that they used the word Layoff instead of displace. It has been my knowledge that being layed off means you have a possible job to go back to, but displaced means your eliminated. So, what gives with this?
Also, the first place people will probably be impacted since that's where the contractors come from. I know a few IT Contractors and they made serious salaries. We will see how this goes.
My prediction, they are going to get very lean so they can discuss mergers.
While the layoffs are certainly bad news, it can't be emphasized enough that Wachovia still has solid banking operations in other areas. And folks really should let the JP/merger/takeover speculation die. As I've stated before, there are so many more likely, and more affordable targets right now than Wachovia. Again I ask, how would a bank like JP jusitfy the premium they'd have to pay to their current shareholders. Others agree...
Wachovia: We're Not For Sale
Article: Wachovia: We're Not For Sale - Forbes.com (http://www.forbes.com/business/2008/07/22/wachovia-losses-update-markets-equity-cx_md_0722markets29.html - broken link)
Quote:
"It isn't likely that Wachovia will be acquired by anyone...There's no compelling reason to do it."
Location: Some got six month some got one solid. But me and my buddies all got lifetime here
4,555 posts, read 10,401,557 times
Reputation: 2162
Quote:
Originally Posted by Carolina Blue
While the layoffs are certainly bad news, it can't be emphasized enough that Wachovia still has solid banking operations in other areas. And folks really should let the JP/merger/takeover speculation die. As I've stated before, there are so many more likely, and more affordable targets right now than Wachovia. Again I ask, how would a bank like JP jusitfy the premium they'd have to pay to their current shareholders. Others agree...
Wachovia: We're Not For Sale
Article: Wachovia: We're Not For Sale - Forbes.com (http://www.forbes.com/business/2008/07/22/wachovia-losses-update-markets-equity-cx_md_0722markets29.html - broken link)
It would make sense for folks to let the whole "Wachovia will be bought out story" die if it wasn't for the fact that it's the media and their analysts (including the very same publication that you linked from) who keep bringing it up.
Location: Some got six month some got one solid. But me and my buddies all got lifetime here
4,555 posts, read 10,401,557 times
Reputation: 2162
Quote:
Originally Posted by XNYgirl
I read online today via usa today
As part of that plan, Wachovia said it would lay off 6,350 workers, affecting more than 5% to fits roughly 120,000 employees. A majority of those jobs will come from the mortgage area, Steel said.
When you look at this, they are trying to soften the blow by quoting 5%. However, i'm suprised that they used the word Layoff instead of displace. It has been my knowledge that being layed off means you have a possible job to go back to, but displaced means your eliminated. So, what gives with this?
Also, the first place people will probably be impacted since that's where the contractors come from. I know a few IT Contractors and they made serious salaries. We will see how this goes.
My prediction, they are going to get very lean so they can discuss mergers.
Layoff is essentially being displaced. When you get laid off in 2008, you don't get your job back. If you're fired it's generally for reasons specific to that particular individual. It used to be that if you were getting laid off, you had first crack at any open requisitions that may be out there. Sadly it seems that Wachovia saw fit to do away with a lot of those opportunities.
CB's article makes a lot of sense but I think in the end your prediction will be the one that comes true, whether it be mergers or aquisitions. It just won't happen anytime soon as the troubles in Wachovia run way too deep at the moment. If they're going to become a leaner bank, the layoffs are probably far from over. They've just addressed the most immediate, damning issues right now.
But never, ever, ever believe a bank when they say they that they're not for sale. That just means that they're not for sale "right now". Doesn't mean they won't ever be for sale, but people who have been in banking know to never trust what the big boys say.
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.
Please don't forget
