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So would there be any job losses? Nothing is still mentioned about that... (Worried as an employee!!!)
There are always losses in mergers. But, I think most people feel that the Citi purchase would have been a blood bath. WF is a much better fit and should have less of an impact on the employees. There will be cuts but there will also be more opportunity for securing an alternative position since the platforms are more similar.
Wells Fargo statement on Wachovia merger - October 3
Full statement:
https://www.wellsfargo.com/downloads/pdf/press/WFC_WB_100308.pdf (broken link)
A clip:
Quote:
The combined company will have a strong presence in Charlotte, which will be the headquarters for the combined company'sEast Coast retail and commercial and corporate banking business. St. Louis will remain the headquarters of Wachovia Securities. In addition, three members of the Wachovia board will be invited to join the Wells Fargo & Company Board when the transaction is complete.
Wells Fargo President and CEO, John Stumpf also comments that he is aware that the Wachovia employees have been through a lot and will do everything he can to make this a smooth transition for them.
I just talked to my brother, who works in Wachovia e-commerce here in Charlotte, and he seems to think this could be worse for them. Wells Fargo has a fairly strong online presence so there could be a lot of duplicate e-commerce jobs. He's not feeling as confident now as when the merger was with Citi.
I just talked to my brother, who works in Wachovia e-commerce here in Charlotte, and he seems to think this could be worse for them. Wells Fargo has a fairly strong online presence so there could be a lot of duplicate e-commerce jobs. He's not feeling as confident now as when the merger was with Citi.
Same here for my wife. She said they have a conference call at 10am and should know more.
Let's all remain positive. This HAS to be better than the CITI deal. Yes, there may be jobs lost but surely not like w/ CITI. There were gonna be jobs lost w/ CITI - and probably in great numbers.
Of course, when it is our own job that is lost, that is a 100% loss to us personally, regardless of how few the other losses there were. But we just have to trust that this is gonna be a better situation. We will get some answers soon - and we sure weren't w/ CITI - that was gonna be a drawn out process, it appeared.
Last edited by brokensky; 10-03-2008 at 07:57 AM..
Reason: typo
In reality though this is great news for Charlotte, Good News for Wachovia, Good News for the Banking Industry and not so good news for BofA (another strong top competitor).
HOW soon until they move to NY? it's the Banking Capital of the US, they can't survive in Cali, St. Louis and Charlotte.. UGH!
Gosh, don't know, Wulf. Where is our favorite Doom and Gloom poster. He seems to have an "inside track" on Charlotte's impending demise and the purported exodus of all our business entities to the Big Apple.
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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 
Wells Fargo statement on Wachovia merger - October 3
