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I used to work at BofA. If they were to ever ditch Charlotte for NY it would be a severe blow to the Charlotte economy and pride. BofA practically owns and runs Charlotte.
It wouldn't really be a blow to our local economy; many jobs would still be here in Charlotte. Just the top brass would relocate. It would hurt our pride more than anything.
If BofA left, it would be a BIG deal. Huge. It would show that the south is losing its viability, many jobs would leave, ghettoization of the 'burbs would begin, and Detroitization would start in full swing. It would be interesting how the south, with a small tax base and very limited resources, would begin to cope.
High-Tax region?
End of Conservative economic policy?
Movement of foreign investment?
Rise in cost of living?
Just to be clear on this...Nations Bank from Charlotte bought out what was "Bank America" and then we renamed it....."Bank of America".
Regards,
A friend from Charlotte
And to add further clarification, it was technically a merger not a "buy out" and under the terms of that merger it was agreed that the successor institution would assume the Bank of America name and be headquartered in Charlotte.
If BofA left, it would be a BIG deal. Huge. It would show that the south is losing its viability, many jobs would leave, ghettoization of the 'burbs would begin, and Detroitization would start in full swing. It would be interesting how the south, with a small tax base and very limited resources, would begin to cope.
High-Tax region?
End of Conservative economic policy?
Movement of foreign investment?
Rise in cost of living?
Only time will tell.
Charlotte would still be home to seven Fortune 500 companies. And the city is still growing. Charlotte's not a city like, say, Dayton, OH who just lost their only Fortune 500 company. That was the final nail in the coffin for that city, which has been declining for years: Ohio grapples with loss of NCR - Atlanta Business Chronicle:
If BofA left, it would be a BIG deal. Huge. It would show that the south is losing its viability, many jobs would leave, ghettoization of the 'burbs would begin, and Detroitization would start in full swing. It would be interesting how the south, with a small tax base and very limited resources, would begin to cope.
High-Tax region?
End of Conservative economic policy?
Movement of foreign investment?
Rise in cost of living?
Only time will tell.
LOL! This is obviously nothing more than wishful thinking on your part.
Delete the rise in cost of living, and you have described Dayton to a T.
If BofA left, it would be a BIG deal. Huge. It would show that the south is losing its viability, many jobs would leave, ghettoization of the 'burbs would begin, and Detroitization would start in full swing. It would be interesting how the south, with a small tax base and very limited resources, would begin to cope.
High-Tax region?
End of Conservative economic policy?
Movement of foreign investment?
Rise in cost of living?
Only time will tell.
Charlotte no longer being the headquarters for BOA is not the same thing as the bank itself uprooting all operations and moving elsewhere. We would still be a hub for the bank and have thousands of jobs located here; just the top brass would move. It would be nothing like the NCR situation in Dayton where practically everything is leaving for Georgia. Furthermore, we're still getting announcements of companies relocating to Charlotte and prospects of headquarters relocations on a constant basis. So no, there's no "Detroitization" here.
And as someone else said, what does this have to do with the South in general?
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