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Old 11-13-2008, 02:42 PM
 
79 posts, read 212,731 times
Reputation: 43

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I knew Wells' chairman commitments were too good to be true! Wells is going to come to Charlotte and completely gut Wachovia. A bad job market is about to get some more unemployed souls.

Wells announces new executive ranks - Breaking News | CharlotteObserver.com (http://www.charlotteobserver.com/breaking/story/348425.html - broken link)
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Old 11-13-2008, 02:46 PM
 
Location: Trinity Florida
7,930 posts, read 17,791,402 times
Reputation: 1997
Ive learned not to always believe the media..especially the Observer...just my opinion...and I think people expected it anyhow...in any major take over or merger the high paid people will be going bye bye along with some of the departments...that is corporate america for you....
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Old 11-13-2008, 02:54 PM
 
79 posts, read 212,731 times
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I agree with you about the Observer, but here is the press release from the CEO Stumpf, very few familiar or local names:
WBTV 3 News, Weather Sports, Traffic, and Programming Guide for Charlotte, NC | Wells Fargo CEO announces direct reports for combined company after Wachovia merger
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Old 11-13-2008, 02:55 PM
 
Location: Trinity Florida
7,930 posts, read 17,791,402 times
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thanks for posting quite interesting...great article

Last edited by Swimmom32; 11-13-2008 at 03:08 PM..
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Old 11-13-2008, 02:57 PM
 
Location: Charlotte, NC
3,356 posts, read 8,880,895 times
Reputation: 1932
I hate to say this but if I was buying a failed bank (or about to fail bank) I would be very reluctant to keep the top people as they where the ones directly responsible for the downfall.
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Old 11-13-2008, 03:08 PM
LLN
 
Location: Upstairs closet
4,981 posts, read 8,746,889 times
Reputation: 6451
I was involved in a merger of a large insurance services company. The top 6-8 executives met frequently about the merger, I was the numbers guy, a mere minion.

One day, one of the brighter execs stated, "You know, if this deal goes through, we will all be gone in six months." Most of the execs laughed, stating that their intellectual capital was the value that was being purchased.

They were all gone in 2 months except me. Most were gone on day one.

lln
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Old 11-13-2008, 03:21 PM
 
Location: Huntersville
1,852 posts, read 4,674,259 times
Reputation: 525
To me it makes sense. 3 of the top 10 people are leaving anyway and they said early on only a few execs would keep similar roles. "Dropping the Axe" on execs doesn't mean much to me at this point if anything it may be a good sign they are trimming the fat to keep the works in place.
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Old 11-14-2008, 04:38 AM
 
Location: Charlotte, NC
7,041 posts, read 13,128,329 times
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Except when they are adamant to bring in the "Wells" way of doing things and throwing out the "Wachovia" way...
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Old 11-14-2008, 08:26 AM
 
Location: Huntersville
1,852 posts, read 4,674,259 times
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Quote:
Originally Posted by chicagocubs View Post
Except when they are adamant to bring in the "Wells" way of doing things and throwing out the "Wachovia" way...
Well the Wachovia way didn't work to well did it?
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Old 11-14-2008, 08:36 AM
 
Location: Crown Town
2,742 posts, read 5,994,314 times
Reputation: 1667
Yes, this makes perfect sense. After all, Wells bought Wachovia, not the other way around. Also, I would not consider this to be the “ax dropping” just yet. That will happen when decisions are finally made regarding the low level folks, not the millionaires up at the top of the ivory towers. On a positive note, the rumor is that Morgan Stanley may base a considerable amount of its new retail banking unit in Charlotte given the hiring of two former Wachovia retail banking execs. It would more than likely be a very small operation, but it would be good news if it’s true regardless.
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