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I don't know about Bank of America but I do know that AT&T (8th largest company in the country) left San Antonio for Dallas but San Antonio is still doing fine. I believe AT&T still keeps close connections with San Antonio and employs a great amount of people in the area still. The cities still booming and the economy is still doing really well. In fact San Antonio is expected to be the third or fourth city to recover from the economy. I'm sure Charlotte will be fine.
Why not just move BoA back to San Francisco, their original home, and plenty of talent easy to recruit talent... That is where their other prominent bank went, Wachovia, which was bought out by Wells Fargo.
Why would they move to San Francisco though? BoA just built a massive skyscraper in New York City, and the East is obviously a much larger financial services center than the West. New York City is the #2 financial center on the planet, with other noteworthy financial centers like Chicago, Boston, and Washington DC all relatively close.
San Francisco is the undisputed financial center of the West, but what would warrant the cross-country move when the king of American Finance is closer? (aside from the fact that they used to be headquartered in SF)
You mention that Wachovia has moved to SF...but that's only because they were bought by a SF bank. This move would be independent.
Don't know that anyone smart has ever sought employment at a commercial bank...jobs as tellers never appealed as a first choice
From ~'80-'00, a lot of smart guys worked at investment banks in Manhattan as traders or M&A I-bankers
Since ~'00, most of smartest guys (in finance) have worked at (or started) various hedge funds in NYC or Greenwich or SF (or even Chic or BevHills or Hou or Dall), not at investment banks anywhere (even Goldman)
It will hurt our ego more than anything. We'll still have a bunch of BOA jobs; as someone said, the top brass will move to NYC or Boston or wherever a new CEO might move the HQ's. At this point, the HQ is already functionally in NYC anyway. This just goes to show that many times, wherever a company winds up being headquartered is at the whim of the CEO and his/her personal preferences.
Actually I heard whispers of that happening at a few social events. Thought it was strange and very juicy. LOL
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the East is obviously a much larger financial services center than the West. New York City is the #2 financial center on the planet, with other noteworthy financial centers like Chicago, Boston, and Washington DC all relatively close.
This doest matter considering how financial services are so computerized nowadays-a bank can be run from anywhere.
However, most of BofAs board is in the Northeast so that's a good indication of where they'd probably want to be.
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You mention that Wachovia has moved to SF...but that's only because they were bought by a SF bank. This move would be independent.
Actually speaking of independently moving, NorWest of Minneapolis bought Wells Fargo but instead of moving the HQ back to Minneapolis, the out of town owners actually decided to move their HQ to San Francisco.
It really caught the SF crowd off guard. But it was a very welcomed decision in the Bay Area.
Why would they move to San Francisco though? BoA just built a massive skyscraper in New York City, and the East is obviously a much larger financial services center than the West. New York City is the #2 financial center on the planet, with other noteworthy financial centers like Chicago, Boston, and Washington DC all relatively close.
San Francisco is the undisputed financial center of the West, but what would warrant the cross-country move when the king of American Finance is closer? (aside from the fact that they used to be headquartered in SF)
You mention that Wachovia has moved to SF...but that's only because they were bought by a SF bank. This move would be independent.
Actually, New York City is still viewed as the financial capital of the world from a global perspective.
Actually speaking of independently moving, NorWest of Minneapolis bought Wells Fargo but instead of moving the HQ back to Minneapolis, the out of town owners actually decided to move their HQ to San Francisco.
It really caught the SF crowd off guard. But it was a very welcomed decision in the Bay Area.
I'm not saying San Francisco would be a bad choice...I'm just saying, when you've already got a huge presence in New York City (SF's superior when it comes to Financial Services), and Boston (SF's equal when it comes to Fin Svcs), why make the trip out to the West Coast?
Why not just move BoA back to San Francisco, their original home, and plenty of talent easy to recruit talent... That is where their other prominent bank went, Wachovia, which was bought out by Wells Fargo.
Honestly, I don't see why they ever went to Charlotte anyways.
Last edited by UrbanLover; 11-05-2009 at 12:20 AM..
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