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Old 09-29-2008, 08:10 AM
 
Location: Suburban Buffalo, NY
928 posts, read 3,530,444 times
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Quote:
Originally Posted by Miker2069 View Post
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.

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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Old 09-29-2008, 08:17 AM
 
Location: Suburban Buffalo, NY
928 posts, read 3,530,444 times
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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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Old 09-29-2008, 08:20 AM
 
1,588 posts, read 3,552,454 times
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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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Old 09-29-2008, 08:23 AM
 
11,836 posts, read 25,431,580 times
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I wonder how long it'll be before BOA buys Citigroup?
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Old 09-29-2008, 08:32 AM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,638,426 times
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Quote:
Originally Posted by BlackOut View Post
Unfortunately, thousands will be losing their jobs. Hopefully the numbers will be low in Charlotte.

I'm guessing at least 15,000 layoffs.
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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Old 09-29-2008, 08:36 AM
 
Location: Charlotte, NC
3,356 posts, read 8,863,258 times
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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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Old 09-29-2008, 08:38 AM
 
Location: State of Being
35,885 posts, read 67,004,073 times
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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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Old 09-29-2008, 09:14 AM
 
1,253 posts, read 4,160,031 times
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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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Old 09-29-2008, 09:30 AM
 
1,588 posts, read 3,552,454 times
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Quote:
Originally Posted by CouponJack View Post
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'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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Old 09-29-2008, 09:39 AM
 
Location: State of Being
35,885 posts, read 67,004,073 times
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Quote:
Originally Posted by BlackOut View Post
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.
Well, that cost savings may be estimated based on many factors, not just salary savings due to lay-offs.
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