Banking/ contruction/ prices in Charlotte (Winston-Salem, Graham: loan, how much, home)

[jpd4949]

I have read many posts about Charlotte prices on the rise? How much have prices in close-in suburbs gone up recently? How about farther out from city center 30-45 minutes?

I guess my concern with Charlotte:
the banking and construction industries are due for some of their biggest corrections ever.

sounds like lots of people are moving here with no jobs, this could further depress wages

traffic is going be every worsening and gas prices on the rise, this will hit the farther out areas

What do you think? How many jobs are really here outside of contruction and banking? I think long term NC is good, but I believe forclosures have risen drastically in some areas, including some cheaper areas around Charlotte. I see price drops nationally back to 2003 levels over the next 5-10 years.

[BrianH1970]

Here's a fairly recent article concerning Wachovia and it's outsourcing. Carolina Blue, you might want to read this quoted part...

In a little more than a year, an Indian outsourcing firm's work for Wachovia Corp. has grown dramatically, including loan review functions, collections, accounts payable and investment banking analysis.

Here's a link to the rest of the article:

http://www.charlotte.com/122/story/122228.html (broken link)

[Carolina Blue]

Originally Posted by BrianH1970

Here's a fairly recent article concerning Wachovia and it's outsourcing. Carolina Blue, you might want to read this quoted part...

In a little more than a year, an Indian outsourcing firm's work for Wachovia Corp. has grown dramatically, including loan review functions, collections, accounts payable and investment banking analysis.

Here's a link to the rest of the article:

http://www.charlotte.com/122/story/122228.html (broken link)

Seriously, do you really want to rehash this topic...

Quotes from the article:

"...In filing, Indian firm Genpact discloses 38 services it performs…"

“…In 2005, Wachovia signed a seven-year agreement to outsource back-office and processing work to Genpact. The move was part of a three-year initiative to cut costs and improve efficiency by the end of this year…”

“…In March, the Observer reported that Wachovia was considering shifting some payment functions to the outsourcer, threatening a handful of jobs in Charlotte and Winston-Salem…”

“…Genpact employees do not have interaction with Wachovia customers…”

Link to full article: http://www.charlotte.com/122/story/122228.html (broken link)

Also...
General Banking Group – Post Close Loan Reviews
From actual SEC filing: http://www.sec.gov/Archives/edgar/da...177736zs-1.htm

And this I posted before...
Loan Review at Wachovia: http://findarticles.com/p/articles/m...7/ai_n14897656


As so not to hijack this thread, regarding the question from the original poster, there are several recent articles that speak to Charlotte's economy and its forecasts. They all paint favorable outlooks. You might try Google. And you can go to the Charlotte Chamber of Commerce site to find information regarding what industries employ the most people in the region. You might be surprised at the information. Finance is big here, but there are several other industries that employ thousands.

[joenc]

Wachovia is building a new tower for its Corporate and Investment Banking division. I don't believe Wachovia will outsource its stars that make the bank millions.

Those in expendable jobs should seek further education and diversify their skills. Basic jobs are being outsourced, which is entirely appropriate : they are left to do more productive things.

[SunnyKayak]

There is more to charlotte than banking and construction. The queen city is the 6th largest distribution hub in the country so a good amount of jobs may not be found in uptown but rather westinghouse blvd, arrowhead rd, Graham St etc.

[flyingscotsman]

Easy rule of thumb can your job be done from home, if the answer is yes it can be outsourced to India, if your work cannot be done at home you are safe.

[Wades]

That is true the banking industry dominates...I agree, there is not much other than that. Myself coming from corporate retail management have seen my company sold twice last 2 years, both time to foreigh buyers.
1. Law school. Where is it here...
2. we Just built the arena so we can finally have major entertainers like Curc Du Solej...so there is hope.
3. Our youth have very little to do.
4. We sold out basketball team, and the new one sucks
5. We have not resolved the transportation problem
6. We are attracting an enormous number of illegal ailiens who are draining resourses
7. Our airport in one of the most expensive
8. an Averige person just has no personality here sometimes it seems to me, it's all touchy-feely, it's all about who has the facts and who has the truth.
it's all about the children, the crime, the organic foods.
Instead of doing something every one just runs to the suburbs.
very passive. Do not bother them on the weekend.
there are the factors that I think are important. This is a soccer-mom paradise, but it can only last so long.

[BrianH1970]

Originally Posted by Carolina Blue

Seriously, do you really want to rehash this topic...

Quotes from the article:

"...In filing, Indian firm Genpact discloses 38 services it performs…"

“…In 2005, Wachovia signed a seven-year agreement to outsource back-office and processing work to Genpact. The move was part of a three-year initiative to cut costs and improve efficiency by the end of this year…”

“…In March, the Observer reported that Wachovia was considering shifting some payment functions to the outsourcer, threatening a handful of jobs in Charlotte and Winston-Salem…”

“…Genpact employees do not have interaction with Wachovia customers…”

Link to full article: http://www.charlotte.com/122/story/122228.html (broken link)

CB, what do you think I was trying to get through to you? You insisted over and over that loan review wasn't outsourced, I told you it was. The article now told you it was outsourced as well. Not to mention you posted the same link to the exact same article I posted. And trust me, when they threaten a handful of jobs, it's not going to be just a handful of people. Wait until you see how many Charlotte Wachovia people will be out of work before the end of this year, both in processing and IT due to outsourcing as well as automation.

[Carolina Blue]

Originally Posted by BrianH1970

CB, what do you think I was trying to get through to you? You insisted over and over that loan review wasn't outsourced, I told you it was. The article now told you it was outsourced as well. Not to mention you posted the same link to the exact same article I posted. And trust me, when they threaten a handful of jobs, it's not going to be just a handful of people. Wait until you see how many Charlotte Wachovia people will be out of work before the end of this year, both in processing and IT due to outsourcing as well as automation.

You talk about what I “emphatically” said, well I stand by it. Because this is what you emphatically said…

Originally Posted by BrianH1970

“I guess when loan review was outsourced to India last year…”

Here is the quote from the article, “In a little more than a year, an Indian outsourcing firm's work for Wachovia Corp. has grown dramatically, including loan review functions…” The key word Brian is “functions” and we “debated” before what they mean by functions, but only your ignorance is prohibiting you from understanding the point (and I provided links "again" above that outlined what "post close loan review" is, versus the Loan Review department at Wachovia).

But I’m not going to rehash this because you’ve established you know exactly what you’re talking about (sarcastic voice). Now the only thing to do is sit back and wait on these thousands of layoffs in Charlotte you’ve announced are going to happen by the end of the year…

Originally Posted by BrianH1970

Wachovia…is…going to lay off about 4,000 people…between Winston Salem and Charlotte later this year….

Originally Posted by BrianH1970

All the signs are there...4,000 jobs are GOING to go before the end of 2007.

Originally Posted by BrianH1970

The way those articles are written, it's either 3,000 people at the end of this year or 4,000.

Honestly, I am done with this. They say don’t argue with a fool because…well…you’re a genius, you know the rest.

[adelhiboy]

Genpact charges $6000 a month or $72000 a year guys. I signed the SOW for outsourcing my job so beware.