Bank of America to buy Merrill Lynch (Charlotte: rent, mattress)

[anifani821]

Originally Posted by Londonlawyer

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.

Au contraire. We were just fine b/f they came and we would be just fine if they left. Now, I am not saying there would be no repercussions.

You are a newcomer, LL . . . I am a native. I assure you, when my gggg/granddaddy came here in 1720 . . . it was a near wilderness. My family has managed to thrive through these many generations . . . and if it all fell to pieces tomorrow . . . there may be newcomers who would be pulling out, but those of us who have been here for generations will stay right here and be absolutely fine.

Small business in America employees more people than large corporations. We are an entrepreneurial bunch here in this region. We (meaning those of us who hail from pioneer families) would all find ways to put food on the table.

[Carolina Blue]

Originally Posted by Londonlawyer

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.

Unfortunately, only your blind assumptions and lack of knowledge are allowing you to continue this debate.

Read slow this time…BofA‘s Investment Banking unit is already based in NY. To repeat, it is A.L.R.E.A.D.Y based in New York, and has been for years. The majority of that unit’s employees are based there, as well as its top management. They can, for example, meet with top clients in Manhattan, take them on the town and entertain in Manhattan, and even mail a client correspondence with a Manhattan return address. That’s been the case for years. To suggest that the only missing piece to satisfying their client base is that their clients be able to open up a Fortune 500 magazine and see that the bank’s headquarters says “New York” is utterly ridiculous.

[Carolina Blue]

Here’s a recent article, as well, that speaks of BofA’s Wealth Mgmt group that is based in “Boston”, and how some of Merrill’s operations could be consolidated in Boston or New York…

Takeover could beef up Hub unit - The Boston Globe

[anifani821]

Originally Posted by Carolina Blue

Unfortunately, only your blind assumptions and lack of knowledge are allowing you to continue this debate.

Read slow this time…BofA‘s Investment Banking unit is already based in NY. To repeat, it is A.L.R.E.A.D.Y based in New York, and has been for years. The majority of that unit’s employees are based there, as well as its top management. They can, for example, meet with top clients in Manhattan, take them on the town and entertain in Manhattan, and even mail a client correspondence with a Manhattan return address. That’s been the case for years. To suggest that the only missing piece to satisfying their client base is that their clients be able to open up a Fortune 500 magazine and see that the bank’s headquarters says “New York” is utterly ridiculous.

Thanks for that very insightful info, CBlue. I thought LL would have put the pieces together . . . he himself posted a link to the NYC bank building. So obviously he is aware it exists.

If it makes out-of-towners (and newcomers and NYC financial types) feel better, ya'll can just refer to BofA-Charlotte as "that little branch bank down South."

[Whytewulf]

OK lets bring this thread back. It was not see if Charlotte is international, could survive a big bank leaving, etc, plenty of other threads on that. I agree with London that the Bank if critical to Charlotte, but less than 20,000 associates here right now. It doesn't make much sense to move the corporate headquarters to NY, as they can lead the investment arm in NY, just like their Mortgage arm is now in California thanks to the Countrywide acquisition. I think this is good news for Charlotte because it does continue to put our fair city in the spotlight. And lets look 5 years from now if BofA does move to NY, they wouldn't move 20,000 people with it, just a few execs probably. Charlotte of course would "incent" them not to leave, which I would hate, I think Charlotte and Bank of America work well together. The buildings, the planning, the stadiums. BofA is a big fish in a small pond here, if they went to NY they would be with other big fishes, even if those big fishes are struggling.

[pink caddy]

Originally Posted by Carolina Blue

Unfortunately, only your blind assumptions and lack of knowledge are allowing you to continue this debate.

Read slow this time…BofA‘s Investment Banking unit is already based in NY. To repeat, it is A.L.R.E.A.D.Y based in New York, and has been for years. The majority of that unit’s employees are based there, as well as its top management. They can, for example, meet with top clients in Manhattan, take them on the town and entertain in Manhattan, and even mail a client correspondence with a Manhattan return address. That’s been the case for years. To suggest that the only missing piece to satisfying their client base is that their clients be able to open up a Fortune 500 magazine and see that the bank’s headquarters says “New York” is utterly ridiculous.

A couple of real facts (source:THE Daily News -Bis News 9-16)

BOA is a joint owner of 52 story Building at 1 Bryant Park where it has 1.6 million sq. ft. of office space.
The bank's staffers began moving into the building May 2008.
BOA has offices at 50 Rockefeller Center, 100 West 33 St. and 335 Madison Ave.

[remedy a4]

I think this thread should pick up Fareed Zakaria's "Post-American World" and realize that a bank moving it's HQ from Charlotte to NYC should be the least of your concerns

[anifani821]

Originally Posted by remedy a4

I think this thread should pick up Fareed Zakaria's "Post-American World" and realize that a bank moving it's HQ from Charlotte to NYC should be the least of your concerns

I don't think anyone here in CLT is concerned about BofA moving from here. If they do, they do. The blanket statements that it is inevitable that BofA will move from here are what we are objecting to.

[Carolina Blue]

LL, I was getting ready to reply to a post you'd made, but you must have removed it. Anyway, you noted something to the effect of, "I know the investment bank is in NY, etc., etc.". But I would point to your statement below...

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.

I'm not trying to get into a cyber shouting match with you. I'm simply pointing out that the arguments you note as to why BofA will move their headquarters to NY are moot, because the units you're talking about are already there, and as I've said repeatedly, have been there for years. So, you're welcome to debate that the headquarters will move, but you're going to have to come up with a better argument than "that's where clients, employees and mangement in that field would perfer to be"...again, they're already there.

[SunnyKayak]

"Blink Twinkle my nose"
And a new page shall begin