Bank of America in a New York state of mind? Will it move its HQ from Charlotte? (moving to, title)

[DeaconJ]

Originally Posted by grapico

good point... BOA is taller than the freaking chrysler building... I don't think they are just building it for show.

Carolina Blue, good point as well, the jobs and southeast operations will probably stay put.

But I don't think they started building it with the intention of moving the headquarters to NYC...it still all depends on the new CEO. BOA and other banks have a history of building skyscrapers in cities where they aren't headquartered. It's a great building though.

I love the way they carefully print the location of Charlotte in N.C. - so we don't confuse it with the other Charlottes.

CEO search reportedly expanded to include execs who want to live in NY rather than bank's base of Charlotte, N.C. Might a headquarters move do the trick?

[Carolina Blue]

Originally Posted by DeaconJ

But I don't think they started building it with the intention of moving the headquarters to NYC...it still all depends on the new CEO. BOA and other banks have a history of building skyscrapers in cities where they aren't headquartered. It's a great building though.

I love the way they carefully print the location of Charlotte in N.C. - so we don't confuse it with the other Charlottes.

The reports here were that 9/11 spured them to build that building. But the building itself is not really the main point I was making. Even before the building, they still had many of their top people in New York. There's a recent article in the Charlotte Observer that said their investment banking and wealth management groups are all located in the Northeast, between people in New York and Boston. The article said those groups make much more money for the bank than any of the operations they have in Charlotte. It also mentioned that with their buy of Countrywide, that unit out in California also tops anything in Charlotte. So the point is, Charlotte now, for some years now, has been the base of their operations, but its not where the big money is being made. Again I'd say "moving" the headquarters would really just mean buying new letterhead for them. Nothing more.

[BlackOut]

You are spot on Carolina Blue. IF BofA were to move its headquarters, it would mean the loss of a toxic, Fortune 500 company and an obvious blow to Charlotte's pride. However, I think the overall job loss would be minimal.

[DeaconJ]

Originally Posted by Carolina Blue

The reports here were that 9/11 spured them to build that building. But the building itself is not really the main point I was making. Even before the building, they still had many of their top people in New York. There's a recent article in the Charlotte Observer that said their investment banking and wealth management groups are all located in the Northeast, between people in New York and Boston. The article said those groups make much more money for the bank than any of the operations they have in Charlotte. It also mentioned that with their buy of Countrywide, that unit out in California also tops anything in Charlotte. So the point is, Charlotte now, for some years now, has been the base of their operations, but its not where the big money is being made. Again I'd say "moving" the headquarters would really just mean buying new letterhead for them. Nothing more.

Right, I agree...I was just responding to the post about the new building in NYC. I don't believe it was built with the intention of moving the headquarters into it - although it could happen.

[UrbanLover]

Originally Posted by DeaconJ

Right, I agree...I was just responding to the post about the new building in NYC. I don't believe it was built with the intention of moving the headquarters into it - although it could happen.

Why else would they build it.

I can guarantee you that Band of America did not spend the money to to sit back and look at it.

[Carolina Blue]

Originally Posted by UrbanLover

Why else would they build it.

I can guarantee you that Band of America did not spend the money to to sit back and look at it.

As I wrote previously, it was 9/11 that spurred that building. It was built with "Liberty Bonds" that were made available to spurr building in Manhattan after 9/11. They didn't move any jobs from Charlotte to that building. They simply moved existing people in the city there.

Here's a link that explains that: New York Daily News - Special - His midtown plan got a federal boost

From the article..."One Bryant Park would not have been built without Liberty Bonds"

[DeaconJ]

Originally Posted by UrbanLover

Why else would they build it.

I can guarantee you that Band of America did not spend the money to to sit back and look at it.

"Band" of America has built MANY buildings in MANY U.S. cities. It doesn't mean that they are moving the headquarters there. If you'll notice, most major cities have a skyscraper with the title of BOA Building or Plaza. Those buildings are for their offices in that particular city or region.

[cityboi757]

Originally Posted by DeaconJ

"Band" of America has built MANY buildings in MANY U.S. cities. It doesn't mean that they are moving the headquarters there. If you'll notice, most major cities have a skyscraper with the title of BOA Building or Plaza. Those buildings are for their offices in that particular city or region.

This is true. You always see a BoA sign on a building in different cities

[Carolina Blue]

Originally Posted by DeaconJ

"Band" of America has built MANY buildings in MANY U.S. cities. It doesn't mean that they are moving the headquarters there. If you'll notice, most major cities have a skyscraper with the title of BOA Building or Plaza. Those buildings are for their offices in that particular city or region.

Great point. And one could easliy argue the BofA buildings in Dallas (over 900 ft, draped in neon lights) and Atlanta (over 1,000 ft with a gold dome) are much more iconic than the BofA building in Charlotte. Doesn't mean they've every considered moving their headquarters to those cities. Buildings do not "equate" headquarters. Just look at Wells Fargo.

[Akhenaton06]

Originally Posted by DeaconJ

"Band" of America has built MANY buildings in MANY U.S. cities. It doesn't mean that they are moving the headquarters there. If you'll notice, most major cities have a skyscraper with the title of BOA Building or Plaza. Those buildings are for their offices in that particular city or region.

A lot of the Bank of America towers that exist now originally belonged to predecessor banks. The bank itself has built very few towers outside of a handful of cities.