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09-29-2008, 09:10 AM
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Senior Member
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Join Date: May 2007
Location: Too Crowded Charlotte
917 posts, read 1,085,658 times
Reputation: 144
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Quote:
Originally Posted by Miker2069
Basically if you're securities you should be okay (AGEEdwards, Evergreen, etc.). The move is to dump the bad debt from Goldenwest. So general banking, cib, etc. is citigroup and that's where you'd see the most transition (not overnight mind you but at some point).
Generabl Banking has all the retail accounts, corporate investment banking takes the assets from general banking and plays with it (literally). They bet wrong on Goldenwest. Securities is something totally different so at the moment they will stay wach securities.
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Thank you for clarifying! I'm glad the securities business will remain there, I know that the private client banking is crucial to their business. |
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09-29-2008, 09:17 AM
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Senior Member
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Join Date: May 2007
Location: Too Crowded Charlotte
917 posts, read 1,085,658 times
Reputation: 144
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Has Mayor Pat McCory commented on this? I know this could affect his run for govenor in Nov.
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09-29-2008, 09:20 AM
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Senior Member
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Join Date: Dec 2007
643 posts, read 262,284 times
Reputation: 257
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Unfortunately, thousands will be losing their jobs. Hopefully the numbers will be low in Charlotte.
I'm guessing at least 15,000 layoffs.
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09-29-2008, 09:23 AM
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I live in NC but my heart is in Alaska
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Join Date: Jan 2008
Location: Alaska, where women win the Iditarod and men mush poodles!
8,907 posts, read 5,954,009 times
Reputation: 1229
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I wonder how long it'll be before BOA buys Citigroup?
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09-29-2008, 09:32 AM
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Union County Booster Club - Treasurer
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Join Date: Aug 2007
Location: Wouldn't you like to know?
4,212 posts, read 2,865,538 times
Reputation: 1034
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Quote:
Originally Posted by BlackOut
Unfortunately, thousands will be losing their jobs. Hopefully the numbers will be low in Charlotte.
I'm guessing at least 15,000 layoffs.
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Where are you getting this from?
As of the end of '07, Wachovia employed I believe around 20K in Charlotte. Are you implying they are going to have a skeleton crew after this?
I think Loves is correct. There will be changes, but we don't know for sure what those will be...things have to play out. |
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09-29-2008, 09:36 AM
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Senior Member
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Join Date: Jan 2007
Location: Charlotte, NC
2,114 posts, read 1,755,924 times
Reputation: 510
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On average 1/3 of workforce will be either reassigned (to other areas) or let go.
So based on that approx. 6-7K jobs could move or disappear.
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09-29-2008, 09:38 AM
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Life is a Journey
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Join Date: Jan 2007
Location: Yellow Brick Road
20,822 posts, read 11,696,430 times
Reputation: 4203
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I would assume that operations here will be restructured, but not gutted!!! I agree w/ Scotsman on the numbers (since we are all speculating here, LOL).
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09-29-2008, 10:14 AM
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Senior Member
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Join Date: Jun 2007
723 posts, read 569,212 times
Reputation: 192
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The other very scary thing is that for every 1 banking job that leaves Charlotte, 1.5 non-banking job is lost (according to the Charlotte Business Journal). These are people that are waiters, taxi drivers, hair dressers, etc.
No matter how you look at it, its very sad for Charlotte. Lets stick together and help those who may be in need in the coming months.
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09-29-2008, 10:30 AM
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Senior Member
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Join Date: Dec 2007
643 posts, read 262,284 times
Reputation: 257
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Quote:
Originally Posted by CouponJack
Where are you getting this from?
As of the end of '07, Wachovia employed I believe around 20K in Charlotte. Are you implying they are going to have a skeleton crew after this?
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I'm saying there will be 15,000 layoffs overall; not just in Charlotte.
Citi is estimating that it will achieve cost savings of $3 billion annually after integrating Wachovia. This means thousands will be losing their jobs. |
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09-29-2008, 10:39 AM
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Life is a Journey
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Join Date: Jan 2007
Location: Yellow Brick Road
20,822 posts, read 11,696,430 times
Reputation: 4203
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Quote:
Originally Posted by BlackOut
I'm saying there will be 15,000 layoffs overall; not just in Charlotte.
Citi is estimating that it will achieve cost savings of $3 billion annually after integrating Wachovia. This means thousands will be losing their jobs.
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Well, that cost savings may be estimated based on many factors, not just salary savings due to lay-offs. |
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