Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
This is already being actively discussed in the Charlotte and financial forums, but since the original Wachovia Bank & Trust (might as well take "trust" out of the name ) was founded in W-S, I thought it would be pertinent to discuss the news here as well.
I was greatly saddened when I read the news this morning... almost as much as I was saddened when First Union and Wachovia "merged." When the FUNB merger was first announced, I felt deep down in my gut that Wachovia's strong and sound banking legacy was going down the drain. It's easy to look at this with 20-20 hindsight, but I can't help but think that if Wachovia had merged with Suntrust, today's events wouldn't be happening.
My question... isn't Wachovia's wealth management dept. still principally based in W-S? Since wealth management is part of what the Wachovia Corporation retains, will that soften the blow for W-S?
John Medlin is a sad, sad man right now...even more sad than when First Union acquired WB.
You spoke my mind.
My late father (died in 1980) was a long-time Wachovia board member, and friend of Archie Davis, John Watlington, et.al. I'm sure he's turning in his grave.... again.
My late father (died in 1980) was a long-time Wachovia board member, and friend of Archie Davis, John Watlington, et.al. I'm sure he's turning in his grave.... again.
Wachovia was a sound and reputable bank when it was based in Winston-Salem, and what was an institutional envy for over 110 years was turned into another symbol of corporate greed by the high flying big wheels at First Union. First Union was in pitiful shape when they "merged" with Wachovia to begin with....they just wanted the good name. Former Corestates customers in Philadephia were still steaming over their acquisition by First Union. First Union was, and has been in competition with Bank of America to see who could beat their chests the hardest, or build the tallest skyscraper in Charlotte.
I knew the First Union/Wachovia merge would be a joke from the beginning....and I pulled my money from Wachovia afterward and put it soundly in BB&T, a bank that has run its operation wisely and without the stupid risks made by Wachovia (First Union) executives. The reason Wachovia is being bought out today is a result of its mistakes made such as buying The Money Store, and Golden West, and by taking the risks all other banks have taken that are in trouble to this date by mortgaging homes to people who could not afford the payments in the first place. I just feel for all the employees....and have no sympathy whatsoever for Bud Baker, Ken Thompson or any of the other top dogs who were the cause of the downfall of Wachovia.
Wachovia was a sound and reputable bank when it was based in Winston-Salem, and what was an institutional envy for over 110 years was turned into another symbol of corporate greed by the high flying big wheels at First Union. First Union was in pitiful shape when they "merged" with Wachovia to begin with....they just wanted the good name. Former Corestates customers in Philadephia were still steaming over their acquisition by First Union. First Union was, and has been in competition with Bank of America to see who could beat their chests the hardest, or build the tallest skyscraper in Charlotte.
I knew the First Union/Wachovia merge would be a joke from the beginning....and I pulled my money from Wachovia afterward and put it soundly in BB&T, a bank that has run its operation wisely and without the stupid risks made by Wachovia (First Union) executives. The reason Wachovia is being bought out today is a result of its mistakes made such as buying The Money Store, and Golden West, and by taking the risks all other banks have taken that are in trouble to this date by mortgaging homes to people who could not afford the payments in the first place. I just feel for all the employees....and have no sympathy whatsoever for Bud Baker, Ken Thompson or any of the other top dogs who were the cause of the downfall of Wachovia.
I totally agree with you on all points. The best thing Citi can do with Wachovia is to round up all of the First Union employees and fire them on the spot. Of course there's not many of the Wachovia employees left because First Union made sure the bank was run by almost entirely green employees.
I suspect BB&T will be acquired before long. The CEO is about ready to retire and I've heard he has chosen his replacement, but BB&T has wanted to be acquired for a while now.
yeah when i herd this today on the five o'clock news i was like oh no there gone this time well sooner or later they will be but its just hard to keep a local based job where it started the bigger cities will take em over sooner or later
I suspect BB&T will be acquired before long. The CEO is about ready to retire and I've heard he has chosen his replacement, but BB&T has wanted to be acquired for a while now.
Oh, I hope not.... I've been banking with BB&T for nearly 10 years. It's a very good bank. Hasn't Kelly King was tapped to replace John Allison? He's career BB&T. I thought BB&T has been courted but DOESN'T want to be bought.... could be wrong.
Oh, I hope not.... I've been banking with BB&T for nearly 10 years. It's a very good bank. Hasn't Kelly King was tapped to replace John Allison? He's career BB&T. I thought BB&T has been courted but DOESN'T want to be bought.... could be wrong.
True, but I keep hearing rumors of the opposite, that BB&T wants to be acquired. I hope not also.
My question... isn't Wachovia's wealth management dept. still principally based in W-S? Since wealth management is part of what the Wachovia Corporation retains, will that soften the blow for W-S?
yes, it is still mostly here in WS. it's a shred of hope.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
) was founded in W-S, I thought it would be pertinent to discuss the news here as well.
I was greatly saddened when I read the news this morning... almost as much as I was saddened when First Union and Wachovia "merged." When the FUNB merger was first announced, I felt deep down in my gut that Wachovia's strong and sound banking legacy was going down the drain. It's easy to look at this with 20-20 hindsight, but I can't help but think that if Wachovia had merged with Suntrust, today's events wouldn't be happening.
