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Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,770 posts, read 7,548,175 times
Reputation: 2118
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Quote:
Originally Posted by BrianH1970
Layoff is essentially being displaced. When you get laid off in 2008, you don't get your job back. If you're fired it's generally for reasons specific to that particular individual. It used to be that if you were getting laid off, you had first crack at any open requisitions that may be out there. Sadly it seems that Wachovia saw fit to do away with a lot of those opportunities.
CB's article makes a lot of sense but I think in the end your prediction will be the one that comes true, whether it be mergers or aquisitions. It just won't happen anytime soon as the troubles in Wachovia run way too deep at the moment. If they're going to become a leaner bank, the layoffs are probably far from over. They've just addressed the most immediate, damning issues right now.
But never, ever, ever believe a bank when they say they that they're not for sale. That just means that they're not for sale "right now". Doesn't mean they won't ever be for sale, but people who have been in banking know to never trust what the big boys say.
Unfortunately I have to agree with Brian's last statement. Everything is always for sale. I would say more but really shouldn't. I've seen several mergers were the CEO stated profoundly we're not for sale, and 2 weeks later a merger/sale was announced. That's not to say that Wach is for sale right away, but pieces of it such as Wach Securities may be shopped around.
Unfortunately I have to agree with Brian's last statement. Everything is always for sale. I would say more but really shouldn't. I've seen several mergers were the CEO stated profoundly we're not for sale, and 2 weeks later a merger/sale was announced. That's not to say that Wach is for sale right away, but pieces of it such as Wach Securities may be shopped around.
Agreed. All you have to do is look at what has happened recently in the airline industry and what will happen in the near future due to oil prices. Now you have the banks holding on for dear life in the early stages of the mortgage / credit crisis.
I talked to a friend yesterday that works for Wachovia and they have seen this coming for quite a while - just waiting for the numbers to come out. Many other banks have been cutting jobs already and some expecting even more cuts if things don't get better. Wachovia has just been a little late in their cuts. The other thing that employees have also been talking about is merger and contacting cohorts at other banks to find out what they are hearing on their end.
One interesting thing that keeps being mentioned is a foreign bank takeover - since many US banks are in the same position. I guess their is alot of speculation - when your job is on the line you are consumed with thinking of all the possibilities.
It would make sense for folks to let the whole "Wachovia will be bought out story" die if it wasn't for the fact that it's the media and their analysts (including the very same publication that you linked from) who keep bringing it up.
Actually, it's mostly the media (real analysts don't work "for the media"); who’s job it is, is to sell their news services, which are in decline, and thus many have resulted to providing us with dire sensationalism day in and day out. That's what sells. Its just like TV shows, people want drama (CSI, Law & Order, etc.).
Actually, it's mostly the media (real analysts don't work "for the media"); who’s job it is, is to sell their news services, which are in decline, and thus many have resulted to providing us with dire sensationalism day in and day out. That's what sells. Its just like TV shows, people want drama (CSI, Law & Order, etc.).
CB - You know the old adage, "If it bleeds it leads". It's true whether the "hemorrhaging" consists of blood or money!
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,770 posts, read 7,548,175 times
Reputation: 2118
Quote:
Originally Posted by GeminiGal
Agreed. All you have to do is look at what has happened recently in the airline industry and what will happen in the near future due to oil prices. Now you have the banks holding on for dear life in the early stages of the mortgage / credit crisis.
I talked to a friend yesterday that works for Wachovia and they have seen this coming for quite a while - just waiting for the numbers to come out. Many other banks have been cutting jobs already and some expecting even more cuts if things don't get better. Wachovia has just been a little late in their cuts. The other thing that employees have also been talking about is merger and contacting cohorts at other banks to find out what they are hearing on their end.
One interesting thing that keeps being mentioned is a foreign bank takeover - since many US banks are in the same position. I guess their is alot of speculation - when your job is on the line you are consumed with thinking of all the possibilities.
Based on what "I know" there will be job cuts mainly in recently acquiried companies (i.e., Goldenwest). A lot of these sites are out west and the midwest. Obviously ancillary and related functions in Charlotte and the Carolinas will suffer some loss but it's not going to be one whacked (other than the securities which is tied to the whole credit crisis).
I've always believed the general banking side is, and will continue to be ok.
They have already discussed that they are merging Wachovia mortgage with the lesser-known consumer bank that lends on real estate (the formerly known FUD..First Union Direct). I think that most of the job cuts will come from that consolidation. I am also aware that at least 6 upper managers will be "re-directed"...whatever that means. Miker2069 is correct, the General Bank is strong, but, I think that most of the layoffs will occur outside of Charlotte. A sale, at this point, is the least of the bank's worries right now.
I know a few IT Contractors and they made serious salaries. We will see how this goes.
My prediction, they are going to get very lean so they can discuss mergers.
Since this is all anonymous . . . I would like to know what "serious salary" means. . . cause I have heard so many people say they were hoping to get a contract job w/ Wachovia b/c of the terrific salaries (IT, it seems). I am in the healthcare sector, so "serious" money for me (since I deal w/ docs) means up near $1Million/year. So what is considered "serious money" in re: to IT contract jobs? Serious money in my line of work - for consultants - would be over $250,000. (wh/ I do not make, Hee Hee).
Just curious. If you have 4000 laid off - all of who made $75,000 a year - the impact on the community is a lot different than 4000 laid off who made $250,000 a year.
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,770 posts, read 7,548,175 times
Reputation: 2118
Quote:
Originally Posted by anifani821
Since this is all anonymous . . . I would like to know what "serious salary" means. . . cause I have heard so many people say they were hoping to get a contract job w/ Wachovia b/c of the terrific salaries (IT, it seems). I am in the healthcare sector, so "serious" money for me (since I deal w/ docs) means up near $1Million/year. So what is considered "serious money" in re: to IT contract jobs? Serious money in my line of work - for consultants - would be over $250,000. (wh/ I do not make, Hee Hee).
Just curious. If you have 4000 laid off - all of who made $75,000 a year - the impact on the community is a lot different than 4000 laid off who made $250,000 a year.
Can anyone enlighten me?
Good question. The savvy IT professionals, programmers, project managers, etc. can make $100-$150/hr + expenses. Some make more, many make in the $40-$80/hr range. Which can be anywhere from $80K-$200K, but no where near the Doc type compensation.
Good question. The savvy IT professionals, programmers, project managers, etc. can make $100-$150/hr + expenses. Some make more, many make in the $40-$80/hr range. Which can be anywhere from $80K-$200K, but no where near the Doc type compensation.
Docs get paid too much, IMHO, but that is another thread, LOL!!!
Those are nice rates, especially if one is actually working close to a 40 hour week.
Well. Seems it would be tough to replace those jobs here, if there are say - 1500 people in IT looking for similar jobs. Not a good thing.
Oh - forgot to ask. So does the announcement mean - ALL IT contractors are gonna lose their jobs? Or just part of the contractors? And why do they need so many contracted IT positions?
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