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Old 10-03-2008, 06:16 AM
 
1,304 posts, read 3,869,285 times
Reputation: 663

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Quote:
Originally Posted by XcapefromNJ View Post
This is a much better outcome for Charlotte and for Wachovia. And it keeps Wachovia out of the hands of the Evil Empire! (aka Citigroup) (Worth a little more for Wachovia shareholders too)
Who says prayers don't work...all those Wachovia employees praying to stay in Charlotte...
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Old 10-03-2008, 06:21 AM
 
Location: Charlotte, NC
3,356 posts, read 8,869,597 times
Reputation: 1932
This is great news and so much better for Charlotte.
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Old 10-03-2008, 06:25 AM
 
Location: Charlotte, NC
123 posts, read 270,847 times
Reputation: 36
So would there be any job losses? Nothing is still mentioned about that... (Worried as an employee!!!)
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Old 10-03-2008, 06:27 AM
 
74 posts, read 126,698 times
Reputation: 44
So, which city has the lower cost of doing business; Charlotte or SF? I also heard that Wells Fargo has been known to strengthen job creation in the areas that were taken over by their company. This may very well be very good news for the region, in comparison to a takeover by Citigroup. It may also help the community better weather the economic slowdown til things pick up again.
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Old 10-03-2008, 06:27 AM
 
Location: Weddington
334 posts, read 681,255 times
Reputation: 220
I suspect as with any merger there will be some overlap, causing losses, but that will take a while to figure out.
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Old 10-03-2008, 06:34 AM
 
Location: Huntersville
1,521 posts, read 4,478,514 times
Reputation: 298
I think this is a better outlook for Charlotte. On this one however not to sure about my personal picture. Time will tell. However I hope the house votes against the bill again. Somehow I doubt it.
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Old 10-03-2008, 06:34 AM
 
1,304 posts, read 3,869,285 times
Reputation: 663
Default Link to statement by Wachovia from WCNC.com

Here's the statement being put out by Wachovia this morning, October 3, 2008:

Full Wachovia statement on Wells Fargo merger | WCNC.com | Local News for Charlotte, North Carolina | Top Stories (http://www.wcnc.com/news/topstories/stories/wcnc-100308-al-wachovia_merger.d7378c91.html - broken link)

Quote:
"We at Wachovia have great admiration and respect for the people and businesses at Wells Fargo and we are extremely pleased to join forces with this outstanding company," said Robert K. Steel, President and CEO of Wachovia Corp. "Today's announcement creates one of the strongest financial firms in the world and is great for all Wachovia constituencies: our shareholders, customers, colleagues and communities. This deal enables us to keep Wachovia intact and preserve the value of an integrated company, without government support. The market presence and composition of our businesses, along with our service-oriented cultures, are extraordinarily complementary and this combination creates great potential for sustained stability and growth."

Wells Fargo and Wachovia will have the largest deposit base in the country, creating a coast-to-coast banking franchise for consumers. In addition, Wachovia will combine with the only AAA-rated financial institution in the United States. Additional details on the transaction are included in the press release issued by Wells Fargo.
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Old 10-03-2008, 06:35 AM
 
Location: Union County, NC
1,891 posts, read 5,549,297 times
Reputation: 749
Quote:
Originally Posted by marvinnative View Post
Who says prayers don't work...all those Wachovia employees praying to stay in Charlotte...
So true And all of the DMs I received from my friends here -- made me sure I had to find a way to stay. I love all of you!! There is a God
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Old 10-03-2008, 06:38 AM
 
Location: Trinity Florida
7,930 posts, read 17,767,902 times
Reputation: 1997
according to the CEO corporate banking and retail/commercial banking will BE HERE IN CHARLOTTE...they will NOT be moving them...
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Old 10-03-2008, 06:39 AM
 
Location: Charlotte, NC
1,808 posts, read 5,861,868 times
Reputation: 748
What great news for a Friday morning!!!
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