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Old 10-03-2008, 06:39 AM
 
1,304 posts, read 3,869,285 times
Reputation: 663

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Quote:
Originally Posted by south.charlotte&union View Post
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
SouthCharlotte...you were the first one I thought of! We love you, too! Hope this is very good news for your family.
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Old 10-03-2008, 06:41 AM
 
Location: Southeast US
1,335 posts, read 4,597,965 times
Reputation: 809
Quote:
Originally Posted by akpreets View Post
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.
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Old 10-03-2008, 06:57 AM
 
Location: New Jersey
1,181 posts, read 2,747,587 times
Reputation: 460
Thank God this news came just before the weekend. I understand nothing is final, but it is quite hopeful.
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Old 10-03-2008, 06:59 AM
 
1,304 posts, read 3,869,285 times
Reputation: 663
Default 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.
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Old 10-03-2008, 07:06 AM
 
76 posts, read 263,451 times
Reputation: 30
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.
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Old 10-03-2008, 07:07 AM
 
Location: Huntersville
1,521 posts, read 4,478,514 times
Reputation: 298
Quote:
Originally Posted by jennej View Post
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.

Man when are my lottery numbers going to hit?
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Old 10-03-2008, 07:53 AM
 
Location: State of Being
35,885 posts, read 67,059,012 times
Reputation: 22371
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
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Old 10-03-2008, 07:55 AM
 
Location: Huntersville
1,852 posts, read 4,668,946 times
Reputation: 525
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!
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Old 10-03-2008, 07:58 AM
 
Location: Huntersville
1,852 posts, read 4,668,946 times
Reputation: 525
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).
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Old 10-03-2008, 07:59 AM
 
Location: State of Being
35,885 posts, read 67,059,012 times
Reputation: 22371
Quote:
Originally Posted by Whytewulf View Post
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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