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Before criticizing the populace of Charlotte based on your crystal ball type predictions and our disagreements with your assesment, you may want to understand the US Financials Market a little better or even just Bank of America better. You are correct in that Bank of America was not a top player in investment banking, but I wouldn't call them exaclty small, even if they were a quarter the size of Merrill in the investment space. They are at the top or in the top 3 in a number of things incoluding banking transactions, Deposits, Mortgage generations, etc. I believe 90%+ of the Fortune 100 does business with Bank of America. But I could go on....
These are global companies and your headquarters and staffing do not dictate where business can occur. Bank of America has a significant presence in NY and will continue to do so. NY is the primary Financial Center in the US, Charlotte will never become NY. What we are saying is that you will not see Bank of America up and move it's Headquarters to NY (no reason to), nor move a significant portion of it's support staff there. It will keep it's presence in Chicago, Texas, California, Charlotte, UK, China, India, etc. Yes it will remain a Global company, and for the near future it's headquarters in Charlotte and a significant presence in NY.
And it all comes down to dollars and cents. BofA has the new building in NYC, but it is leasing out space (Al Gore recently leased space there for his offices, for ex) and they have plenty of additional space if they want to move any of Merrill's people in . . .
The whole point w/ keeping BofA's headquarters here (or at least a significant portion of its operations here) is cost. The savings w/ being located here in CLT is significant. I read one report a while back that stated over 10 years, I believe the savings were about $300 M by having the headquarters here rather than in NYC.
Last edited by brokensky; 09-15-2008 at 02:29 PM..
Reason: typo
BofA moving to Manhattan? Someone might want to tell them to stop building that enormous new complex in Charlotte then!
That new LEED Certified 32 story tower next to the Ritz that's going up is actually only going to have about 1000 BofA employees in it, BofA's real estate arm will lease out a lot of the space in there to other companies from what I've heard. The Ritz is being built specifically for the BofA execs from around the world to have a place to stay when coming to the Corp HQ for meetings and whatnot.
That new LEED Certified 32 story tower next to the Ritz that's going up is actually only going to have about 1000 BofA employees in it, BofA's real estate arm will lease out a lot of the space in there to other companies from what I've heard. The Ritz is being built specifically for the BofA execs from around the world to have a place to stay when coming to the Corp HQ for meetings and whatnot.
Well except for the really nice one on floor 30, I have dibs.. I called dibs a long time ago!
That new LEED Certified 32 story tower next to the Ritz that's going up is actually only going to have about 1000 BofA employees in it, BofA's real estate arm will lease out a lot of the space in there to other companies from what I've heard. The Ritz is being built specifically for the BofA execs from around the world to have a place to stay when coming to the Corp HQ for meetings and whatnot.
Yup, that's the very one. I would ask for dibs on space there, but they're also putting in tons of office space in Ballantyne which is much, much closer.
Course, it's going to be a darned shame when all that new office space is left empty because they've up and moved to Manhattan to go live with all the fancy people... Can't be a real bank unless you're based in NYC ya know!
4 pages in this thread and no one can admit that they are either a spectator to- or an indian among the chiefs that will make decisions and until decisions are ultimately made, everyone will have to fall back and watch what happens
Yup, that's the very one. I would ask for dibs on space there, but they're also putting in tons of office space in Ballantyne which is much, much closer.
Course, it's going to be a darned shame when all that new office space is left empty because they've up and moved to Manhattan to go live with all the fancy people... Can't be a real bank unless you're based in NYC ya know!
As long as you have a decent computer and telephone, it really doesn't matter where you are! Those service centers in Bangalore attest to that. I suspect that many ML employees would jump at the chance to move down here. But now, being owned by a bank, those $250,000 Christmas bonuses may get a little few and far between!
4 pages in this thread and no one can admit that they are either a spectator to- or an indian among the chiefs that will make decisions and until decisions are ultimately made, everyone will have to fall back and watch what happens
And that is important because . . . ???? Of course we are all Indians or spectators. So what? It's a discussion about a bank that employees thousands of people here. If we wanna speculate . . . we are talking about our lives and our friends' lives and how we will all be impacted.
The anchors and pundits on TV are not involved, either, but they sure are talking.
Last edited by brokensky; 09-15-2008 at 03:18 PM..
Reason: change
4 pages in this thread and no one can admit that they are either a spectator to- or an indian among the chiefs that will make decisions and until decisions are ultimately made, everyone will have to fall back and watch what happens
Well, since I managed to get my head out of the birth canal, I have seemed to have an opinion about everything! People will talk - no matter what the subject!! Now, while I'm not going to start yanking the Bull & Bear sculpture out of the sidewalk on Wall St, I could suggest that Charlotte might find a suitable corner to plant it on. Who knows what the future holds?
BofA moving to Manhattan? Someone might want to tell them to stop building that enormous new complex in Charlotte then!
B of A spent about $1.6b to construct this new tower in Manhattan. I doubt that a 30 story box in Charlotte -- that cost an utter fraction of the NY tower -- would impede a crucial decision as to which city to designate as a HQ.
B of A spent about $1.6b to construct this new tower in Manhattan. I doubt that a 30 story box in Charlotte -- that cost an utter fraction of the NY tower -- would impede a crucial decision as to which city to designate as a HQ.
^^^^
This person is clueless. It makes absoultley no business sense for BofA to move its "corporate" headquarters to NY. Why? The investment bank is "already" based there, and has been based there for years. Which is where it should be. But to say that the corporate headquarters would move there simply because they bought a larger investment bank would make no sense. That's just one part of their business. In the conference call this morning, some dweeb from the Charlotte Observer called in and asked if the bank had plans to move to NY. Of course Lewis said no. But the smirk on his face when he said it was telling. Its a rediculous suggestion. And as for buildings, BofA is also buinding a new location here in Charlotte. Plenty of room to move all those Merrill "back office" functions if needed...
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