Just in citigroup aquires wachovia (Charlotte: living in, low cost, move)

[Whytewulf]

This is obviously a blow to Charlotte, but not a knockout. Citi is buying them at a good time and for their branches. Citi did not have the presence of Wachovia in the banking end. They will keep a good number of people here, but there willbe some consolidation over the next few years. They won't close many branches, so those people will stay and still need support. The Wachovia Credit Card Division is here as well, I don't think that will stop. Investment Banking will probably move to NY with the rest of them (makes sense). Citi could actually move operations here as well, it could save them money in terms of leasing costs and salary. If I am Citi and I have the option of hiring support people, would I put them in NY or Charlotte. They won't be the highest paying jobs, but jobs none the less. This may be an opportunity for other companies to come in and find a wanting educated work force. (it sometimes works that way and you can always hope). I would fear for my job if I was in Cali though. Lastly Citi won't be acquired anytime soon. They are still the larest, in terms of equity, Bank in the world. BofA, Citi, JPMorgan and Wells, are going to come out of this pretty well, though it may take a few years.

[BlackOut]

According to Jim Cramer at MSNBC, if there is no bailout, then there will be 4 superbanks left in the USA. Those would be:

* US Bancorp
* Wells Fargo
* JP Morgan
* PNC

[stmaarten]

Originally Posted by TheEmissary

Wachovia's problems will seem miniscule if the bailout bill is not finalized in some sort of way! As I'm writing this the bill has failed! Hold on to your wallets and bankbooks, it's going to be a bumpy ride!

So they actually have to work for their salaries, put in more hours and come up with a better plan???
What a concept!
Sorry, Em, but the fact that the bail out plan has failed, just shows how poorly the whole bill was put together. You know and I know, that it wasn't going to cost the tax payers $700 billion, it would have cost much, much more...

[TheEmissary]

Originally Posted by Whytewulf

This is obviously a blow to Charlotte, but not a knockout. Citi is buying them at a good time and for their branches. Citi did not have the presence of Wachovia in the banking end. They will keep a good number of people here, but there willbe some consolidation over the next few years. They won't close many branches, so those people will stay and still need support. The Wachovia Credit Card Division is here as well, I don't think that will stop. Investment Banking will probably move to NY with the rest of them (makes sense). Citi could actually move operations here as well, it could save them money in terms of leasing costs and salary. If I am Citi and I have the option of hiring support people, would I put them in NY or Charlotte. They won't be the highest paying jobs, but jobs none the less. This may be an opportunity for other companies to come in and find a wanting educated work force. (it sometimes works that way and you can always hope). I would fear for my job if I was in Cali though. Lastly Citi won't be acquired anytime soon. They are still the larest, in terms of equity, Bank in the world. BofA, Citi, JPMorgan and Wells, are going to come out of this pretty well, though it may take a few years.

Whytewolf - I think you're absolutely right! Those former Golden West employees in California will be the hardest hit - getting their "golden hankies!" That's where the vast majority of the problems are! I just hope Citi doesn't increase their trend to "offshore" all their IT and customer service support.

[pink caddy]

Originally Posted by amploud

Of course they can persude them to stay: money talks! A few kajillion in tax credits ought to do the trick.

You are overlooking the hit in employment in NYC. The Mayor says NY is down billons in revenue.
I would think that Mayor B. would also have some thoughts about incentives to help NY and I would think his tax incentive pockets are pretty deep as they always have been.

[carolinablue]

no one is in the mood to hear what jim cramers opinion on how many, or who the superbanks are.

[BlackOut]

How could people not be interested considering more and more banking institutions are going to be failing and the bailout plan was voted down? With that said, his opinion relates to this current topic and is looking more valid than any of ours.

[carolinablue]

didnt he say to buy wachovia shares just last week??
hmm...

[aquastone]

The NYC boards are not discussing this topic at all, wonder if they all feel safe up there?!?! Interesting......:}

[FrankTheTank2]

Originally Posted by BlackOut

According to Jim Cramer at MSNBC, if there is no bailout, then there will be 4 superbanks left in the USA. Those would be:

* US Bancorp
* Wells Fargo
* JP Morgan
* PNC

Jim Cramer told us to buy two stocks on Friday's show. One was Wachovia stock (then at $10 per share). This guys has been wrong so much more then he has been right. The only reason he is on TV is because he truly is crazy and its fun to watch.