Atlanta’s SunTrust to merge with BB&T, shift HQ to Charlotte (Sandy Springs: hotel, university)

[citidata18]

Originally Posted by J2rescue

Bellsouth was a top 100 company on the Fortune 500 at the time of merger. Suntrust is/was around 300.

BellSouth and AT&T wasn't really a merger of equals though. Thus, Atlanta has maintained most of its jobs and office space (only recently have they begun vacating it). from before the merger. Any job loss since then has simply been from the effects of the archaic telecom industry.

We know none of that won't be the case with SunTrust.

I'd argue the closure of the Ford/GM plants, the closure of Fort McPherson, Delta's bankruptcy and the collapse of builders such as Pathway Communities that hurt Atlanta the most. With exception to GM, these things hurt the Southside more, which has been much slower to recover and regain its pre-recession mojo.

But even then, the impacts from all of the aforementioned things may pale in comparison to the pain SunTrust leaving will bring.

[Atlwarrior]

Originally Posted by citidata18

BellSouth and AT&T wasn't really a merger of equals though. Thus, Atlanta has maintained most of its jobs and office space (only recently have they begun vacating it). from before the merger. Any job loss since then has simply been from the effects of the archaic telecom industry.

We know none of that won't be the case with SunTrust.

I'd argue the closure of the Ford/GM plants, the closure of Fort McPherson, Delta's bankruptcy and the collapse of builders such as Pathway Communities that hurt Atlanta the most. With exception to GM, these things hurt the Southside more, which has been much slower to recover and regain its pre-recession mojo.

But even then, the impacts from all of the aforementioned things may pale in comparison to the pain SunTrust leaving will bring.

You are all over the place, first of all Delta came out of Bankruptcy stronger and took over Northwest. Delta has been among the top profitable company in the S&P 500 for years now. Chick-lay-fil headquarters on the Southside is now the third largest food chain in America. Atlanta starting losing it preeminence in banking in the 1990's - when C&S was brought out. Some also seen Suntrust as an attractive asset and the next bank to be brought out. Those who are from Atlanta-have seen much worst, like the collapse of the iconic Eastern Airlines on the southside and Arthur Anderson downtown. The region recovered from both of those events. It will not bring the pain you are forecasting, Atlanta is bless with a diverse economy and will be fine. The regions IT jobs growth has outpace any job loses that Suntrust will bring.

[wasel]

Didn’t we just recently post this? //www.city-data.com/forum/atlan...-downtown.html

It seems there are plenty of companies operating downtown— and others will come.

[Atlwarrior]

Originally Posted by wasel

Didn’t we just recently post this? //www.city-data.com/forum/atlan...-downtown.html

It seems there are plenty of companies operating downtown— and others will come.

Thanks for posting and the Super Bowl success will only increase Downtown leasing activity from other cities.

[citidata18]

Originally Posted by Atlwarrior

Those who are from Atlanta-have seen much worst, like the collapse of the iconic Eastern Airlines on the southside and Arthur Anderson downtown.

Eastern Airlines was based in Miami, not Atlanta. I'd say its collapse hurt them a lot more. But even then, Delta acquired the vast majority of their assets, which helped to soften the blow. A similar thing won't be happening this time around.

As far as Arthur Andersen, every major city was impacted by it failure (it wasn't specific to Atlanta). But again, it also wasn't an Atlanta-based company (big difference).

BTW, for your information, AA only had 2,000 employees in Atlanta. SunTrust has over 7,500.

It will not bring the pain you are forecasting

I'm not "forecasting" anything. Just merely expressing caution in assuming everything will be sunshine and puppies.

The regions IT jobs growth has outpace any job loses that Suntrust will bring.

It should be noted that most (if not all) of the IT growth has been north of downtown, and will not directly make up for the loss SunTrust will leave behind for downtown nor directly benefit those who depend on high-paying corporate jobs south of downtown/the city.

[Atlwarrior]

Originally Posted by citidata18

Eastern Airlines was based in Miami, not Atlanta. I'd say its collapse hurt them a lot more. But even then, Delta acquired the vast majority of their assets, which helped to soften the blow. A similar thing won't be happening this time around.

As far as Arthur Andersen, every major city was impacted by it failure (it wasn't specific to Atlanta). But again, it also wasn't an Atlanta-based company (big difference).

BTW, for your information, AA only had 2,000 employees in Atlanta. SunTrust has over 7,500.



I'm not "forecasting" anything. Just merely expressing caution in assuming everything will be sunshine and puppies.



It should be noted that most (if not all) of the IT growth has been north of downtown, and will not directly make up for the loss SunTrust will leave behind for downtown nor directly bwnefit those who depend on high-paying corporate jobs south of downtown/the city.

You just can’t make statements like that, without statistical data, which shows the actually demographics of people, income, and the distance they travel. Eastern Airline largest base was Atlanta and operated more daily flights out of Atlanta than Miami. The Southside lost 10,000 jobs.

Also the post above, talks about Downtown absorption rates being the highest in the metro. The sectors of education(GSU), government, and entertainment (hospitality) - which are the strongest downtown will guarantee continue growth of downtown. I expect further impact from the Super Bowl.

[citidata18]

Originally Posted by Atlwarrior

Eastern Airline largest base was Atlanta and operated more daily flights out of Atlanta than Miami. The Southside lost 10,000 jobs.

And how much of that loss was made up by Delta? And who exactly is going to be SunTrust's Delta?

Originally Posted by Atlwarrior

Also the post above, talks about Downtown absorption rates being the highest in the metro. The sectors of education(GSU), government, and entertainment (hospitality) - which are the strongest downtown will guarantee continue growth of downtown. I expect further impact from the Super Bowl.

Government wasn't included in those absorption rates. But those (along with education) are pretty secure jobs any way that will never go anywhere. And hospitality jobs are fairly low paying when compared to finance/banking jobs. Not really comparable.

And the spinoff economic impact from the Super Bowl remains to be seen. Past Super Bowls suggests it's not as clear cut as you're expecting.

https://www.bizjournals.com/atlanta/...n-atlanta.html

[Pemgin]

Are there currently any valuable companies in Charlotte that could be targeted for acquisition by an Atlanta firm?

[JoeP]

Are there currently any valuable companies in Charlotte that could be targeted for acquisition by an Atlanta firm?

Why??

[Iconographer]

Originally Posted by JoeP

Why??

Revenge, I suppose.

The idea that this move is somehow attributable to Atlanta's civic failings is getting tiresome.
Thirty-five years ago, Trust Company of Georgia merged with Orlando-based Sun Bank. That resulted in Sun Bank senior management relocating to Atlanta. I don't recall this move stirring up a debate over Orlando's diminishing ability to attract new business, however.