Just in citigroup aquires wachovia (loans, how much, home)

[flexysteve]

Anyone who follows Jim Cramer's advice should take their money and just burn it in the street...at least they'd get some heat and entertainment for it.

He did say buy WB. Ooops.

[TheEmissary]

Originally Posted by carolinablue

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

That wouldn't surprise me - the "adult" version of ADHD in action!

[Carolina Blue]

Originally Posted by emagine

Can I ask where you got this information? I would hope indeed your wrong. I also hope smoke was not blown up my DH butt when he was told IT and infrastructure would remain in Charlotte.

The feeling there today, and I know it is early, is a restructure but not a major loss. Like any merger though, it will take months to work out. So fingers crossed!

I do agree this is a depressing thread!

"IT and infrastructure" related to the "retail" bank would more than likely stay here, or where ever else it may be located in Wachovia's footprint. But keep in mind, each business unit at a bank the size of Wachovia has it's own IT and support areas. So one could assume support areas for Commerical and Investment banking would stay within the Citibank footprint. I don't have any internal knowledge to know that this is true. Its just a logical assumption I'm making. Hopefully this won't be case, but all reports are saying that only the retail operations are staying with the "Wachovia side", i.e. in Charlotte; and also that Wachovia Securities, which we've all noted, will remain independant, so that would stay too. But again, banking operations outside of retail banking (the part that takes deposits) is leaving.

[SunnieD27]

Citigroup is mostlikely taking their acquired wachovia and hitting the road heading to NY! Citibank's headquarters are in NY, they have plenty of money to keep their headquarters there, so I don't think the low cost of Charlotte is going to make them move their whole HQ over here.. Charlotte is BEYOND inferior to NY.. you can't compare. So it looks like Charlotte isn't all it's cracked up to be, but let's face it.. I don't see why this place was ever hyped up anyway!!!!

[stmaarten]

Originally Posted by SunnieD27

Citigroup is mostlikely taking their acquired wachovia and hitting the road heading to NY! Citibank's headquarters are in NY, they have plenty of money to keep their headquarters there, so I don't think the low cost of Charlotte is going to make them move their whole HQ over here.. Charlotte is BEYOND inferior to NY.. you can't compare. So it looks like Charlotte isn't all it's cracked up to be, but let's face it.. I don't see why this place was ever hyped up anyway!!!!

Disgruntled transplant allert!
Disgruntled transplant allert!
Disgruntled transplant allert!

[FrankTheTank2]

Originally Posted by SunnieD27

Citigroup is mostlikely taking their acquired wachovia and hitting the road heading to NY! Citibank's headquarters are in NY, they have plenty of money to keep their headquarters there, so I don't think the low cost of Charlotte is going to make them move their whole HQ over here.. Charlotte is BEYOND inferior to NY.. you can't compare. So it looks like Charlotte isn't all it's cracked up to be, but let's face it.. I don't see why this place was ever hyped up anyway!!!!

Also, it might help if you actually read the news. Citi will keep the new retail banking HQs in Charlotte. So that is somewhat good news. The main areas of potential job loss will come from overlapping areas such as HR, Marketing, Public Relations, Legal, etc.

[mullman]

Originally Posted by FrankTheTank2

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.

+1, IMHO he is unraveling.

[lovesMountains]

Originally Posted by stmaarten

Disgruntled transplant allert!
Disgruntled transplant allert!
Disgruntled transplant allert!

hahahaha, you beat me to it! If you read her other comments on the last thread she posted on she is very disgruntled. I guess when people don't chose where they live carefully and then end up unhappy it must be someone elses fault

Ride the waves folks - when you struggle in the rip current you drown faster

[anifani821]

Originally Posted by lovesMountains

hahahaha, you beat me to it! If you read her other comments on the last thread she posted on she is very disgruntled. I guess when people don't chose where they live carefully and then end up unhappy it must be someone elses fault

Ride the waves folks - when you struggle in the rip current you drown faster

No kidding. No use to go to pieces. Transitions in the corporate world take some time . . . decisions have to be implemented.

You should read some of the other boards . . . people are literally talking about withdrawing their money from the bank . . . this is not the time to panic!!!!!

[flexysteve]

Ahhh Panic
No Gas, No Gas to get food to stores, so no food.
Ahh I'm going to starve. And all my money is gone. Stock up on the guns because its going to be anarchy next week. AHHHHH!

People need to calm the hell down in general. I guess that's how it is living in the internet ondemand world nowadays. Good and bad things must happen immediately or panic ensues.