Atlanta’s SunTrust to merge with BB&T, shift HQ to Charlotte (Dallas: loan, school)

[citidata18]

Originally Posted by wasel

One company is leaving and you aren't sure you want to buy a house? There are many companies moving here all the time. The net loss of jobs will be more than made up. Do you work in banking?

SunTrust leaving will mean a significant loss in high paying corporate jobs within a reasonable commute of the area I'm targeting,

I'm not going to pay an arm and a leg for a crappy build 10 years into an economic expansion period when there could potentially be fewer future job opportunities for myself as well as less demand for the home I purchase several years from now by people who could afford the price point I'd like to sell it at.

So I will likely continue to wait and see how things shake out. My personal choice.

And no, I'm not in banking, but I am a white collar professional with a business degree (thus skills/experience that could easily transfer to an industry such as banking/finance).

[wasel]

Goldman Sachs has made a big bet on Atlanta. Must not be a bad place for financial companies.



https://www.aol.com/article/finance/...lley/23395664/

[DavePa]

It seems ... some are merely seeing Atlanta has COMPETITION in the South. Nashville, Charlotte, Raleigh for some closest.

Just seems extreme to note any Atlanta declining in desirability? As long as Georgia provides the tax incentives and Atlanta region a lower wage base to lower COL to especially Northern cities.

The Corporate steered migrations from the North continue. Mergers happen everywhere and consolidating HQ's. Usually downsizing too. Profits mean most to these businesses and of course if a factor .... low Union threats.

Corporate America ALWAYS steered our booming areas. Nothing new. Not about better location, or even mild winters to boast. But that is a bonus seen of course and in migrations continuing.

But if fears as shown in this thread some Atlanta's have are real? It really is about not planning better or other cities upping ther game and competing mere even within the Sunbelt itself. Texas cities have each other to compete with too.

Growing pains of hyper-growth..... can hurt in degrees and are to a limited point. But this migrations South isn't ending quite yet. But eventually, pricing and cost will increase enough to slow it. But just as China today .... Sunbelt cities will already have thier own to expand on and not need from the North relocations to continue growth.

Why a merging and moving one HQ's is a bad omen .... seems extreme. Maybe losing Amazon syndrome.

[Pemgin]

Atlanta's pride has been wounded a bit the past few months, with Amazon choosing Nashville for a logistics hub and Charlotte getting this HQ at Atlanta's expense. Atlanta's been on a winning streak for so long that it seems like a big blow when it takes an L like this. It rarely happens, which says something about Atlanta's success. And this certainly won't affect Atlanta's standing as the hegemon of the Southeast.


It's going to be interesting to see what this does to real estate in the city, particularly Downtown.

[Soccernerd]

There is a bright side. This merger is occurring during a still strong American economy. The last bank merger was in 2009 right after we bottomed out. Perhaps I’m one of the lucky ones but just about everyone who is laid off or doesn’t want to relocate should be able to find a new job with a similar pay scale in Atlanta.

[NC2ATL60]

Originally Posted by Soccernerd

There is a bright side. This merger is occurring during a still strong American economy. The last bank merger was in 2009 right after we bottomed out. Perhaps I’m one of the lucky ones but just about everyone who is laid off or doesn’t want to relocate should be able to find a new job with a similar pay scale in Atlanta.

Agreed! We will see how it plays out, but I think folks are jumping to the worst conclusions way to early.

[Iconographer]

Originally Posted by Brian

Maybe Atlanta will finally get the Amazon HQ2 if they decided to ditch New York City?

Doubtful. It's more likely they'll consolidate in NOVA, since so far Amazon has gotten nothing but total support from them. Nashville, too.

[Iconographer]

Originally Posted by Pemgin

Atlanta's pride has been wounded a bit the past few months, with Amazon choosing Nashville for a logistics hub and Charlotte getting this HQ at Atlanta's expense. Atlanta's been on a winning streak for so long that it seems like a big blow when it takes an L like this. It rarely happens, which says something about Atlanta's success. And this certainly won't affect Atlanta's standing as the hegemon of the Southeast.


It's going to be interesting to see what this does to real estate in the city, particularly Downtown.

Meh.

Not only is Atlanta The City Too Busy To Hate, it's also The City Too Busy To Care.

[Pemgin]

Originally Posted by Iconographer

Meh.

Not only is Atlanta The City Too Busy To Hate, it's also The City Too Busy To Care.

Well, we should care a little bit. It's not a deathblow, but SunTrust is a major Atlanta institution. It's probably not as big a deal as losing Coke, Home Depot, Turner, or what's left of CNN, but it's a bigger deal than losing, say, Newell. This is also a good reminder that as Atlanta trains its sight at the other big boy American metros, it needs eyes in the back of its head to watch those trying to catch up. We'll never win everything, but there needs to be introspection when we lose. Especially to a smaller metro.

[windycityfan]

Originally Posted by Soccernerd

There is a bright side. This merger is occurring during a still strong American economy. The last bank merger was in 2009 right after we bottomed out. Perhaps I’m one of the lucky ones but just about everyone who is laid off or doesn’t want to relocate should be able to find a new job with a similar pay scale in Atlanta.

Where exactly? Corporate jobs in financial services in ATL are now scant. Yes, there’s still a presence of specialized financial groups in the area (portfolio management, data management, card services), for banks headquartered elsewhere, but not with the growth opportunity, talent magnet and resourcefulness a big corporation like SunTrust offered.