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Old 12-22-2008, 06:52 AM
 
161 posts, read 369,192 times
Reputation: 78

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Quote:
Folks.. all is not lost. Wells Fargo must establish an East Coast base of operations. The infrastructure in place will be kept and possibly expanded. Yes, there will be layoffs, unfortunately, and our hearts must go out to those affected. However, there will be new opportunities that come from this merger. Since Wells currently has no Eastern presence, many of the people in place will be retained.

I do not know this for fact, lets just say I know someone who works for Wachovia, and this is the word being passed down. and no, I am not a Wells Fargo employee!

I am choosing this path in being positive. No one needs the added stress of something they can not change and honestly, who wants it at Christmas. No matter if you work for Wachovia, BOA or a car lot = no one is safe at this time.

My DH works with Wachovia and it is threads like this with ppl who do not work in the building who place rumors and fear in the general public. Ok, NC may be loosing the name Wachovia. But how many times have we seen buy outs, bank mergers and name changes. Change has to happen to hopefully find a better ground.

I will say what I do know is being spoken in the building in areas. Of course no one knows what tomorrow brings, even you non bank employees. Everyone is praying and hoping for the best.

There is a freeze on hiring. Jobs that are contract will not turn into perm jobs. We saw two friends this week take jobs out of state who were contract. Sadly, that is the norm with Contracts as it is not job security. They are shifting ppl already from one area and cross training them in another in order to not let them go. If Sallys job is not needed in NC they are trying to already place them in areas of safety.

It is said they will let who wants to go, go. They will let the contracts go. They will let some upper mgt go because of not being needed. But I do know most of these want the package then to downgrade their positions. They have told the IT dept there will be a need for them. They do not have the structure to support something this large.

In the end they will and are moving ppl internally to keep them. Like any business they want ppl to leave on their own. This means slots to not fill and save money or move Sally too. It is already happening. Also keep in mind mergers like these take a couple of years. What we may hear tomorrow could be better or worse in the next two years.

I pray my DH keeps his job. They moved us here from Canada this summer. I am good as the information I am given and since I have lived through two other bank mergers like these I do know it will take time till anyone will know what will happen. No one here or in the workforce knows.
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Old 12-22-2008, 09:26 AM
 
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,769 posts, read 6,755,540 times
Reputation: 2109
Quote:
Originally Posted by emagine View Post
I am choosing this path in being positive. No one needs the added stress of something they can not change and honestly, who wants it at Christmas. No matter if you work for Wachovia, BOA or a car lot = no one is safe at this time.

My DH works with Wachovia and it is threads like this with ppl who do not work in the building who place rumors and fear in the general public. Ok, NC may be loosing the name Wachovia. But how many times have we seen buy outs, bank mergers and name changes. Change has to happen to hopefully find a better ground.

I will say what I do know is being spoken in the building in areas. Of course no one knows what tomorrow brings, even you non bank employees. Everyone is praying and hoping for the best.

There is a freeze on hiring. Jobs that are contract will not turn into perm jobs. We saw two friends this week take jobs out of state who were contract. Sadly, that is the norm with Contracts as it is not job security. They are shifting ppl already from one area and cross training them in another in order to not let them go. If Sallys job is not needed in NC they are trying to already place them in areas of safety.

It is said they will let who wants to go, go. They will let the contracts go. They will let some upper mgt go because of not being needed. But I do know most of these want the package then to downgrade their positions. They have told the IT dept there will be a need for them. They do not have the structure to support something this large.

In the end they will and are moving ppl internally to keep them. Like any business they want ppl to leave on their own. This means slots to not fill and save money or move Sally too. It is already happening. Also keep in mind mergers like these take a couple of years. What we may hear tomorrow could be better or worse in the next two years.

I pray my DH keeps his job. They moved us here from Canada this summer. I am good as the information I am given and since I have lived through two other bank mergers like these I do know it will take time till anyone will know what will happen. No one here or in the workforce knows.
I've been purposely vague on what I know, but I can say this, this post is about as accurate as it's going to get, and, the merger and integration team do not read these threads (fortunately).
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Old 12-22-2008, 09:35 AM
 
Location: Boca Raton, FL but want Clayton, NC ASAP!
439 posts, read 1,570,603 times
Reputation: 87
Quote:
Originally Posted by chicagocubs View Post
Well, an article I read recently said that the Feds were investigating the whole lot; the Sandlers, Golden West as well as Thompson & clan. There might be justice, but, it will be too late.
I was a Golden West employee here in Florida. I'm actually trying to move to NC, but to the Raleigh area. My original job with the company was going to be lost due to the merger. I made an intra-company transfer just to stay employed, but that was the death knell for me. I have MANY friends that lost their jobs--jobs they'd held for over 20 years. My former boss (who got me the transfer so that I could still be employed) was basically forced into retirement. There are some people that I felt that had the bad karma coming to them for how I (and others) were treated. And then there are others that I feel horribly for because they may lose or did lose their jobs.

I can understand your feelings of sadness. I remember I was in tears when I was driving a company car from my former position to the one I'd transferred to. It was on the last day of operations for my former company. I still remain in contact with a couple of people.

I welcome the issuance of any justice. We were originally told that only about 1,000 people would lose jobs. In the end, I think it ended up being over 10,000.
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Old 12-22-2008, 09:39 AM
 
Location: Boca Raton, FL but want Clayton, NC ASAP!
439 posts, read 1,570,603 times
Reputation: 87
Quote:
Originally Posted by chicagocubs View Post
Brunzca, that might be well and good, however, we are still loosing the prestige and honour of having a home-grown company as our actual headquarters...not an eastern branch of a CA bank. I am not sure that Wells is going to keep very many folks, reading the announcements of who will be running the show and it is Wells Fargo people all the way and no indication of where each department will be headquartered.

Bottom line, Wachovia was a great company for this city, and for it's employees. It's demise is one that should be acknowledged as being a very sad ending to an era. I, for one, will miss that Wachovia blue and will find that red Wells Fargo sign to be somewhat jarring.
And many of us that were Golden West employees felt the same. I know several people that held lots of ill will towards the Sandlers.
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Old 12-22-2008, 09:59 AM
 
Location: State of Being
35,885 posts, read 67,046,730 times
Reputation: 22371
I have sat at the table (w/ execs, attorneys, accountants) for M&As, and I can assure you, whatever any of you are hearing from middle and upper level managers is pablum for the masses. Yes, there is hope at the top that there will be a large amount of people leaving through attrition - find other jobs, and move on. The word at the middle management level is always - we are going to transfer people, find them new jobs in the company, etc. But the truth is . . . economies of scale will mean people have to be cut, period.

Of course, WF will have a need for a certain group of employees who will carry on their presence in CLT. But that will be only for certain functions. Hopefully, it will be thousands of people who are needed.

But rest assured . . . what middle managers are being told is just a line to keep everyone from panicking and to keep people focused on their work until the hammer falls. The cold hard facts are - there are a group of people assigned to cutting jobs . . . sitting in an office somewhere . . . and even they don't have it all figured out yet.
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Old 12-22-2008, 10:04 AM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,650,129 times
Reputation: 3690
If you currently still have a job consider yourself lucky. I'd do whatever it took to hold on as long as you can......in the meantime, save everything you got and build a nice nest egg until your situation stabilizes.....also get your resume up to date and know what your options are.....
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Old 12-22-2008, 10:16 AM
 
743 posts, read 2,025,072 times
Reputation: 231
Quote:
Originally Posted by CouponJack View Post
I know and understand that. Legally Ken Thompson will hide behind the fact (like all CEO's do) that these terms were negotiated long ago yada, yada yada....

You can be scott free legally , but ethically this guy has blood on his hands IMO....I know if I made a decision and performed so poorly to put thousands out on the street, (and still be filthy rich), I'd try to do something to help those people out.....that's just me.

I agree, how can one live with themselves knowing they can put food on the table, provide clothing for their families, have a roof over their head and so forth when there a MANY out there unable to do this now based on your own bad decisions...
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Old 12-22-2008, 10:18 AM
 
743 posts, read 2,025,072 times
Reputation: 231
Quote:
Originally Posted by emagine View Post
I am choosing this path in being positive. No one needs the added stress of something they can not change and honestly, who wants it at Christmas. No matter if you work for Wachovia, BOA or a car lot = no one is safe at this time.

My DH works with Wachovia and it is threads like this with ppl who do not work in the building who place rumors and fear in the general public. Ok, NC may be loosing the name Wachovia. But how many times have we seen buy outs, bank mergers and name changes. Change has to happen to hopefully find a better ground.

I will say what I do know is being spoken in the building in areas. Of course no one knows what tomorrow brings, even you non bank employees. Everyone is praying and hoping for the best.

There is a freeze on hiring. Jobs that are contract will not turn into perm jobs. We saw two friends this week take jobs out of state who were contract. Sadly, that is the norm with Contracts as it is not job security. They are shifting ppl already from one area and cross training them in another in order to not let them go. If Sallys job is not needed in NC they are trying to already place them in areas of safety.

It is said they will let who wants to go, go. They will let the contracts go. They will let some upper mgt go because of not being needed. But I do know most of these want the package then to downgrade their positions. They have told the IT dept there will be a need for them. They do not have the structure to support something this large.

In the end they will and are moving ppl internally to keep them. Like any business they want ppl to leave on their own. This means slots to not fill and save money or move Sally too. It is already happening. Also keep in mind mergers like these take a couple of years. What we may hear tomorrow could be better or worse in the next two years.

I pray my DH keeps his job. They moved us here from Canada this summer. I am good as the information I am given and since I have lived through two other bank mergers like these I do know it will take time till anyone will know what will happen. No one here or in the workforce knows.
So true, my company combined lots of departments and as a result jobs were either transferred or deleted but to save anybody from losing their jobs, they did a pool where anybody affected had the choice of what department they wanted to move to. In the end everybody got their request approved and are now being cross trained in a different department and nobody lost their jobs, except for those who chose to move on.
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Old 12-22-2008, 10:33 AM
 
Location: State of Being
35,885 posts, read 67,046,730 times
Reputation: 22371
Quote:
Originally Posted by md to nc View Post
I agree, how can one live with themselves knowing they can put food on the table, provide clothing for their families, have a roof over their head and so forth when there a MANY out there unable to do this now based on your own bad decisions...
You have to understand the mentality of people who make it to the top. Often, they simply do not think about what is going on in the lives of anyone else around them - they are just concentrating on their own bottom line and building wealth for their families. They also have no clue what it is like in the "real world."

I remember one Exec I was dealing with who had no concept of how much it was going to cost employees to go on COBRA. NO CONCEPT that it was going to more than double what employees were presently paying. And his attitude was totally flippant.

So . . . if anyone thinks the guys at the top feel guilty at nite . . . uh . . . don't waste your energy on trying to figure it out. They have this attitude - money is relative. You have your small life w/ your $200,000 mortgage and your kids in public school and your $395/mo payment on your car. They have $2 M in mortgages on three homes, docking fees for the yacht, membership dues at their club and three kids in private schools who will also expect educations at Ivy League colleges. So they are just concerned w/ paying for their BIG life and they have no clue how it could be THAT DIFFICULT for you to pay for your LITTLE life.

If it came down to it, they could take the money out of stocks, bonds, 401Ks, and savings . . . liquidate . . . and pay off their debts should they be out of work. They figure if they can do that, why can't YOU?

Not everyone thinks like that, but trust me . . . the majority do. They are hearing their wives in the background boo hooing b/c they can't take the kids on the annual trip for a month to Spain this year . . . and they CANNOT pull the kids out of private school . . . and she just finished decorating the house in Aspen . . . and how will they still get to Aspen w/o use of the corporate jet???

Few at the top are thinking about the employees. They are just trying to figure out how to keep their own families from coming apart at the seams over any changes that might affect THEM.
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Old 12-22-2008, 11:11 AM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,650,129 times
Reputation: 3690
ani, I'd give you a +1 but it says I have to spread it around...

very well said IMO....
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