Bank of America to buy Merrill Lynch (Charlotte, Monroe: appointed, sales)

[flyingscotsman]

Sorry could not resist

Q: What do you get when you cross "Merrill Lynch" with "Bank of America"?
A: "Lynch America"

[ohioaninsc]

With today's communications technology, you could be in podunkville, and still be a Global company...B of A doesn't have to move the HQ to NYC just to become Global. When are the NYC and London homers going to realize that, the world doesn't revolve around them anymore?

[Londonlawyer]

Originally Posted by ohioaninsc

With today's communications technology, you could be in podunkville, and still be a Global company...B of A doesn't have to move the HQ to NYC just to become Global. When are the NYC and London homers going to realize that, the world doesn't revolve around them anymore?

Sorry, but the financial world does revolve around NY and London. Other regional, financial centers are emerging like Shanghai, Dubai and Mumbai, but Charlotte never will be in their company. I live in Charlotte myself, but I simply recognize its limits. Analogously, the little museum complex on Tryon Street will never be anything more than a little museum complex. It will never compete with anything that NY or London have.

[anifani821]

Originally Posted by Londonlawyer

Sorry, but the financial world does revolve around NY and London. Other regional, financial centers are emerging like Shanghai, Dubai and Mumbai, but Charlotte never will be in their company. I live in Charlotte myself, but I simply recognize its limits. Analogously, the little museum complex on Tryon Street will never be anything more than a little museum complex. It will never compete with anything that NY or London have.

You don't get it. Charlotte is not trying to compete.

That is like saying Bill Gates was doomed for establishing Microsoft outside NYC. And . . . Seattle is no NYC and should "recognize its limits."

[Londonlawyer]

Originally Posted by anifani821

You don't get it. Charlotte is not trying to compete.

That is like saying Bill Gates was doomed for establishing Microsoft outside NYC. And . . . Seattle is no NYC and should "recognize its limits."

Moderator cut: flaming Seattle or Silicon Vally are ideal locations for Microsoft as they are the "Wall Streets" of high-tech industries.

Moreover, no one is suggesting that Charlotte is trying to compete with NY or London. I simply stated that as of Sunday, the nature of B of A changed dramatically by acquiring a portfolio of business in which it previously was a fourth-rate player. To succeed in that field, a company needs to be in NY for numerous reasons, including the fact that the highest paid employees want to be in cities like NY or London. Lower level bankers making $150k might prefer Charlotte because their money goes much further here, but the people who are critical to succcess (and who make a lot more than that) would not want to be here.

[QC Misfit]

Well with the crash of Merrill Lynch in NY it does not look like success to me. Also if I made a few million a year I still would not want to live in NYC or even back in London for that matter.

[anifani821]

Originally Posted by Londonlawyer

Moderator cut: flaming Seattle or Silicon Vally are ideal locations for Microsoft as they are the "Wall Streets" of high-tech industries.

Moreover, no one is suggesting that Charlotte is trying to compete with NY or London. I simply stated that as of Sunday, the nature of B of A changed dramatically by acquiring a portfolio of business in which it previously was a fourth-rate player. To succeed in that field, a company needs to be in NY for numerous reasons, including the fact that the highest paid employees want to be in cities like NY or London. Lower level bankers making $150k might prefer Charlotte because their money goes much further here, but the people who are critical to succcess (and who make a lot more than that) would not want to be here.

Pardon me, but you are incorrect. How do you think "silicon valley" came into prominence? Gates established his business model there! That is my whole point! Seattle was a nice port w/ a great view of Mt. St. Helens and good coffee - until Gates came along. In case you don't remember, there were no desktop computers b/f Gates and Jobs created the system to do just that. I guess you were busy in the courtroom and missed that historic detail in the development of IT.

I assume you don't do management consulting or you would be more aware that it is not just the "big guys" at the top who run a company . . . it takes a whole operation, and that includes all the "lower level bankers."

I also find it incredulous that you don't seem to be aware that the CEO of BofA quite enjoys his life here - and he can fly to NYC any time he needs to. Just b/c you think we are ignorant people living in a backwater village, it doesn't mean that the rest of the world does, LL.

[SunnyKayak]

Lets please simmer our tempers and discuss the OP and not some place or topic unrelated to the OP.

We are to discuss topics and not flame or discuss others

[Londonlawyer]

Originally Posted by QC Misfit

Well with the crash of Merrill Lynch in NY it does not look like success to me....

Companies come and go. Drexel crashed and burned and that did not affect NY. By contrast, if a small city like Charlotte were to lose B of A and Wachovia, it would devastate the city.

By the way, I am not putting Charlotte down. It's a nice, non-international, American city like Denver or Minneapolis. I simply recognize reality which many residents here refuse to do. I still meet people who honestly believe that the real estate market here has been unaffected and that prices have not fallen.

[flyingscotsman]

Charlotte Fortune 500

Bank of America (Banking) $119.2 billion
9

Wachovia, Corp. (Banking) $55.5 billion
38

Lowe's (Retail) $48.3 billion
48

Nucor (Metals) $16.6 billion
151

Duke Energy (Utilities) $13.1 billion
204


Sonic Automotive (Automotive Retailing) $8.8 billion
298

Family Dollar (Retail)
$6.8 billion
358

Goodrich Corp. (Aerospace and Defense) $6.5 billion
375

SPX (Electronics) $5.1 billion
466

If we lost BOA and Wachovia then it would hurt but it would not devastate in fact may do it some good.