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Old 09-29-2008, 05:25 PM
 
Location: Charlotte, NC
3,356 posts, read 8,886,772 times
Reputation: 1932

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Quote:
Originally Posted by SunnyKayak View Post
OK lets stick to the top of the merger and not farm animals or other matters please

Thanks
BAAA!!!!!!!

Nobody should be bleating yet, it is questionable if anything really happens before next year.

Citi have said they will keep the retail here, that makes perfect business sense, in fact they may even expand it.

As you would then have the number 1 & 3 in retail banking in Charlotte.

Keeping it away from the investment banking in NY where it belongs.
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Old 09-29-2008, 05:28 PM
 
184 posts, read 430,890 times
Reputation: 61
it doesn't mean dick where a company has its HQ anymore- not with technology and the ability to do your job anywhere

true, there might be some jobs that need to be done in the HQ, but if there are smart people running these companies- they'd be more focused on having a solid US presence in certain areas and keeping the best quality people on versus focusing where my HQ and my largest building are and making the decision on where people will sit in little cubes
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Old 09-29-2008, 05:29 PM
 
Location: Charlotte, NC
624 posts, read 1,893,138 times
Reputation: 563
Was just reading an article on CNN about the real estate market and came across this quote concerning the security of investment bankers in NYC...

"Nobody wants to catch a falling knife," said Dean Baker, co-director of the Center for Economic and Policy Research. Home buyers are also facing a slowing overall economy that's shedding 100,000 jobs a month. Layoffs are of course especially high in the financial sector. "I wouldn't be buying a condo in Manhattan if I were an investment banker," said Baker. "And if I owned one, I might be thinking about selling it." - End quote.

Link: Home buyers get cold feet in credit crisis wake - Sep. 23, 2008

-------

So I think Citi's making a good decision keeping the Retail Banking in Charlotte, it sounds like NYC isn't the best place to be when the sky is falling.
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Old 09-29-2008, 05:36 PM
 
Location: Indian Land
628 posts, read 1,858,957 times
Reputation: 465
Quote:
Originally Posted by remedy a4 View Post
it doesn't mean dick where a company has its HQ anymore- not with technology and the ability to do your job anywhere

true, there might be some jobs that need to be done in the HQ, but if there are smart people running these companies- they'd be more focused on having a solid US presence in certain areas and keeping the best quality people on versus focusing where my HQ and my largest building are and making the decision on where people will sit in little cubes

If there were smart people running these companies...they wouldn't be looking for 700B!! Also...since when in the financial field do they use common sense; or try to cut back on expenses (other than payroll)??
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Old 09-29-2008, 05:53 PM
 
620 posts, read 1,921,709 times
Reputation: 254
To put it in perspective, there are 120,000 people employed with Wachovia and 20,000 of them are in Charlotte (the headquarters). Headquarters doesn't necessarily mean more jobs. 3,000 local job cuts is the number being tossed around. It is still a lot, but not as bad as it could be. I honestly think Citigroup will see all the assets that they have acquired here in Charlotte (office space) and the cost of doing business in Charlotte is much cheaper. I know that Citigroup is looking at cutting costs and moving people out of NY so we may benefit from this. They say there is a chance BoFA will move their headquarters to NY but they also said the same thing when BoFA and NationsBank merged together in the 90's (people freaked out and thought they would move to San Francisco). I personally don't think anybody knows what they are talking about right. Newspapers are running these "doomsday" headlines and articles to sell more papers. Nobody can predict the future. All we can do is watch as it unfolds and stay optimistic about it. Charlotte has become an important city over the years, people want to move here, and we will bounce back. This is not the end for Charlotte.
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Old 09-29-2008, 06:17 PM
Status: "North of Palm Trees, South of High Taxes" (set 14 days ago)
 
Location: Noth Caccalacca
5,621 posts, read 6,704,636 times
Reputation: 4933
On a lighter note, I'd like to see Henry Paulson, Ben Bernancke and George Bush replace those three guys on the FreeCreditReport.com commercials!

Last edited by TheEmissary; 09-29-2008 at 06:41 PM..
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Old 09-29-2008, 06:25 PM
 
Location: State of Being
35,885 posts, read 67,212,814 times
Reputation: 22375
Quote:
Originally Posted by nyxmike View Post
To put it in perspective, there are 120,000 people employed with Wachovia and 20,000 of them are in Charlotte (the headquarters). Headquarters doesn't necessarily mean more jobs. 3,000 local job cuts is the number being tossed around. It is still a lot, but not as bad as it could be. I honestly think Citigroup will see all the assets that they have acquired here in Charlotte (office space) and the cost of doing business in Charlotte is much cheaper. I know that Citigroup is looking at cutting costs and moving people out of NY so we may benefit from this. They say there is a chance BoFA will move their headquarters to NY but they also said the same thing when BoFA and NationsBank merged together in the 90's (people freaked out and thought they would move to San Francisco). I personally don't think anybody knows what they are talking about right. Newspapers are running these "doomsday" headlines and articles to sell more papers. Nobody can predict the future. All we can do is watch as it unfolds and stay optimistic about it. Charlotte has become an important city over the years, people want to move here, and we will bounce back. This is not the end for Charlotte.
Very well put, Mike. I agree. I was stunned at the doom and gloom reports on local tv tonite. No one knows what the decisions will be. This will take time for CITI to decide what they want to do (and what is most cost effective).

I agree w/ you - might as well be optimistic about it and hope for the best.
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Old 09-29-2008, 06:59 PM
 
Location: Huntersville
1,521 posts, read 4,484,934 times
Reputation: 298
We refused to watch the mess tonight. It was a nice evening to enjoy the swing on the front porch.
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Old 09-29-2008, 07:28 PM
 
Location: State of Being
35,885 posts, read 67,212,814 times
Reputation: 22375
Quote:
Originally Posted by QC Misfit View Post
We refused to watch the mess tonight. It was a nice evening to enjoy the swing on the front porch.
That front porch swing sounds awfully nice. I should have done the same thing . . . instead of fretting in front of the TV.
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Old 09-29-2008, 07:55 PM
 
Location: Some got six month some got one solid. But me and my buddies all got lifetime here
4,551 posts, read 9,292,088 times
Reputation: 2121
This thread needs a good ol'





pic.

I mean seriously....
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