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Old 08-03-2009, 05:15 PM
 
Location: "The Gorge"
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There has been lots of upheaval on the Board of Directors lately. Does that spell trouble for CLT? Is it possible the HQ could move? If so that would really stink, the loss of Wachovia is bad enough.
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Old 08-03-2009, 06:53 PM
 
Location: Charlotte, NC
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thinking that the gov't was requiring them to make some changes.
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Old 08-04-2009, 06:42 AM
 
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I think it was just a good opportunity to trim the fat and bring in some new blood. Those positions are more visionary and less "boots on the ground", so imagine they just wanted some new ideas.
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Old 08-04-2009, 07:17 AM
 
Location: "The Gorge"
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The CLT Observer has an article today about all the changes in the Board.

From the article: "With the management changes, five of the bank's top 11 executives will be based in Charlotte. Before the changes, it was five of 10. People familiar with the bank are increasingly worried about its shift away from Charlotte, particularly with Lewis' succession in question and a board revamp that has removed all members with strong Carolinas ties except for Lewis.

“The company's commitment to Charlotte is unchanged,” Stickler said. "


Hopefully that will be the case.
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Old 08-04-2009, 02:27 PM
 
Location: Huntersville
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I don't think it changes much for Charlotte, short term at least, because again, Boston and NY are very expensive and you wouldn't move 10,000 works to NY or Boston just because. Long term, I think it depends on the new CEO and if he/she is Based elsewhere he may desire more executives to move and support that city.

The board changes are part of the overhaul the new chairman stated would happen, new faces and less people.
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Old 08-04-2009, 08:59 PM
 
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I am one of those increasingly worried, although it's not going to help us much to worry about it. All we can do is encourage an environment in Charlotte that will attract other businesses to this area.

When I look at the executive lineup at BofA, along with their stated goals "to be the best financial institution blah blah blah" it seems inevitable that they will eventually move HQ to New York, because people like that fat ass Montag who was paid $39mm to come out of retirement and do nothing at Merrill while they waited to be acquired by BofA and now he runs half the place.. people like him will not move to Charlotte and think that NY is the center of the universe.


(I hope I am wrong)

BTW, my impression of BofA now is that it is a soul-less institution. Does it have a culture? It is a zombie bank owned mostly by the government. The various component banks had cultures - certainly the original Bank of America in San Francisco had a culture inspired by its founder, AP Giannini. New employees were given a book titled, "Biography of a Bank" to instill in them the qualities of caring and community service as emplified by AP. I don't know if NationsBank had much of a culture or if any remnants remain. Merrill had a culture which probably clashes with whatever is left of BofA. Otherwise, today's BofA is a hodgepodge of acquired banks.

The dominant culture in any large US bank today is, "How can I get mine while the rest of the world can go to H ?"


I don't know whether to laugh or cry when I see someone encouraged by this: “The company's commitment to Charlotte is unchanged,” Stickler said. "
Of course they are going to keep putting out pap like that right up until the day they announce they are moving HQ to Manhattan. They might even make that statement AFTER they move HQ to Manhattan.
Perhaps we are moving 5,000 positions to NY, but rest assured, the company's commitment to Charlotte is unchanged!!!!

Last edited by XcapefromNJ; 08-04-2009 at 09:10 PM..
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Old 08-04-2009, 09:16 PM
 
Location: Huntersville
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I agree it's seemed to have lost a lot of culture, it doesn't even have the cool presense Citi once had as a huge NY Bank. But we should be clear it is not government owned, it is 100% owned by the shareholders, of which the government has a portion of which it draws dividends on and will be paid back. Unlike GM, Citi, AIG, etc. which are partially government owned.
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