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Old 10-10-2008, 05:13 AM
 
Location: Huntersville
1,521 posts, read 4,478,514 times
Reputation: 298

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Quote:
Originally Posted by anifani821 View Post
Well, I am worried about National City, so at least they are not here - so no additional distressed employees worrying about jobs here in CLT. I just hate to see all this. I won't say the Sky is Falling, but dang - the Dow sure has.

National City hold one of my notes. Man the customer service is terrible. I paid them on the 3rd this month instead of the 1st and was getting calls on the 2nd asking where my payment is. Man sorry I'll start sending them in on the 31st.
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Old 10-10-2008, 05:16 AM
 
Location: Charlotte NC
1,077 posts, read 2,201,216 times
Reputation: 992
Moderator cut: tos violation here's a link to the article, which you may or may not have a chance to read,

http://www.nytimes.com/2008/10/10/bu...l?ref=business

Last edited by SunnyKayak; 10-10-2008 at 07:19 AM..
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Old 10-10-2008, 09:05 AM
 
Location: Crown Town
2,742 posts, read 5,987,884 times
Reputation: 1666
I’m sure a lot of you will like reading this article…

“Wells Fargo & Co. is seeking to reassure Wachovia Corp. employees, indicating that massive layoffs are not a part of its acquisition plan…”

Article: Wells CEO seeks to reassure Wachovia workers - Charlotte Business Journal:
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Old 10-11-2008, 05:08 AM
 
Location: Charlotte, NC
7,041 posts, read 13,112,395 times
Reputation: 2323
I will bet that most of them are NOT reassured looking at Wells' history in the area.
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Old 10-11-2008, 05:16 AM
 
Location: Trinity Florida
7,930 posts, read 17,767,902 times
Reputation: 1992
that depends on who u speak with...alot of the people dh works with have a good feeling with this merger. dont get me wrong it isnt going to be a bed of roses until it actually happens the takeover that but on the flip side of it whether or not they were bought jobs would have been lost either way..which in any case just stinks all around but all one can do is hope for the best and stay positive...let me also say I worked very closely with wells at one time and the guys I dealt with happened to have really liked the company, I am going back about 7 years or so...
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Old 10-11-2008, 05:59 AM
 
2,341 posts, read 4,048,572 times
Reputation: 1667
Quote:
Originally Posted by chicagocubs View Post
I will bet that most of them are NOT reassured looking at Wells' history in the area.
And what is that history? The last 2 mergers they did were done to minimize impact weren't they???
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Old 10-11-2008, 10:55 PM
 
140 posts, read 285,986 times
Reputation: 101
Quote:
Originally Posted by anifani821 View Post
Well, I am worried about National City, so at least they are not here - so no additional distressed employees worrying about jobs here in CLT. I just hate to see all this. I won't say the Sky is Falling, but dang - the Dow sure has.
Anifani, you are correct in being worried about NatCity, they have been at the edge of collapse for way too long. IMHO they have an incredible amount of exposure related to alt-a mortgages that is yet to be fully disclosed, most likely because they probably do not even know the extent of the damage. NatC operated as wholesale mortgage originators and typically banks would cobroker loans they could not originate themselves so you wonder about the "gems" hidden somewhere at NatC.

I hate to be Johnny Raincloud but this recession will be a long one. You don't build the kind of economic bubble (or bubbles b/c there are many now) and expect to get out of it in a matter of months. Japan's back in the 90s took them 10 years to recover. In hindsight this will be a test of our ingeniuty and the return to sound economics where ppl do not spend more than what they make. Credit is wonderful; however the greedy forces in WS took over along with our vanity and absurd granite-like necessity for stuff we do not need (and do not even produce any more).

I don't think the bailout will be the solution, esp b/c it could well trigger hyperinflation. It baffles me to listen to so called experts talking hugemongous absurdities such as reporter at MSNBC this am saying "the idea of the latest measure is to inject liquidity to the banks so they start lending to each other so they can lend money to the avg joe borrower and if he/she defaults then the gov (meaning the taxpayer, you and I) would take over the debt". I can not begin to describe how absurd that logic is. For sure Adam Smith is going nuts in his grave!!!!
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Old 10-12-2008, 05:46 AM
 
Location: Charlotte, NC
7,041 posts, read 13,112,395 times
Reputation: 2323
Default Wells Fargo

Quote:
Originally Posted by baybook View Post
And what is that history? The last 2 mergers they did were done to minimize impact weren't they???
In 2002, they opened a site with two very large buildings in Fort Mill, SC with a LOT of fanfare. The mortgage operations site there was supposed to be "state of the art" and rival everything else in Charlotte.

In 2007, they closed down one of the buildings and also shut down the Home Equity processing division as well as wholesale & retail mortgage processing. Over 2k people were laid off.

Currently, the only thing that Wells Fargo operates here is Loss Mitigation divisions and a Reverse Mortgage processing unit.

They did not want to be here only a year ago. Why do you think that they suddenly want to be here now? Not likely.

Wachovia was their arch rival while here. The Wachovia employees that they hired were knowledgable and very savvy to the industry. THAT certainly was not appreciated and made very well known.

No, this is a dark day for the Wachovia employees. I truly wish them the best going forward.
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Old 10-12-2008, 12:11 PM
 
Location: Crown Town
2,742 posts, read 5,987,884 times
Reputation: 1666
Quote:
Originally Posted by chicagocubs View Post
In 2002, they opened a site with two very large buildings in Fort Mill, SC with a LOT of fanfare. The mortgage operations site there was supposed to be "state of the art" and rival everything else in Charlotte.

In 2007, they closed down one of the buildings and also shut down the Home Equity processing division as well as wholesale & retail mortgage processing. Over 2k people were laid off.

Currently, the only thing that Wells Fargo operates here is Loss Mitigation divisions and a Reverse Mortgage processing unit.

They did not want to be here only a year ago. Why do you think that they suddenly want to be here now? Not likely.

Wachovia was their arch rival while here. The Wachovia employees that they hired were knowledgable and very savvy to the industry. THAT certainly was not appreciated and made very well known.

No, this is a dark day for the Wachovia employees. I truly wish them the best going forward.
Given the "mortgage meltdown", I don't think its fair to call a company a bad corporate citizen simply because they decided to reduce its mortgage positions. They have an obligation to their shareholders to do the right thing. I understand your positions, but frankly they are contrary to what analyst and experts are saying regarding Citi vs. Wells. It has been noted that Wells' recent acquistions of Norwest and Greater Bay Bancorp, both resulted in few job losses. By contrast, it has also been noted that Citi has many more employees compared to other banks its size. So, you can draw your own conclusions, and that's fine. There will be job losses for sure. But as noted, there would have been more losses under Citi, and also, more if Wachovia had remained independant.
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Old 10-12-2008, 12:38 PM
 
Location: Some got six month some got one solid. But me and my buddies all got lifetime here
4,551 posts, read 9,277,470 times
Reputation: 2121
Quote:
Originally Posted by Carolina Blue View Post
Given the "mortgage meltdown", I don't think its fair to call a company a bad corporate citizen simply because they decided to reduce its mortgage positions. They have an obligation to their shareholders to do the right thing. I understand your positions, but frankly they are contrary to what analyst and experts are saying regarding Citi vs. Wells. It has been noted that Wells' recent acquistions of Norwest and Greater Bay Bancorp, both resulted in few job losses. By contrast, it has also been noted that Citi has many more employees compared to other banks its size. So, you can draw your own conclusions, and that's fine. There will be job losses for sure. But as noted, there would have been more losses under Citi, and also, more if Wachovia had remained independant.

It seems as if Wachovia had remained independent, employees would've come back from a weekend to find locks on the doors, never mind the option to see if their badges still work.
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