tag:blogger.com,1999:blog-19601020.post1147435177144625677..comments2023-11-05T04:34:10.303-05:00Comments on The Naked City: How Wachovia sale affects Charlotte growthUnknownnoreply@blogger.comBlogger103125tag:blogger.com,1999:blog-19601020.post-61594997342155613792008-10-02T16:39:00.000-04:002008-10-02T16:39:00.000-04:00News flash. NYC middle and upper management banke...News flash. NYC middle and upper management bankers headquartered at Citi who are living in surrounding counties with superb public school systems, world renowned tourist attractions, top-notch cultural and art venues, winter sport activities and unrivaled historical features have no interest in moving to Charlotte to experience the Nascar Hall of Fame, the manmade White Water Center, the Lynx Light Rail system or South Park Mall.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19601020.post-29793483177961156092008-10-02T16:38:00.000-04:002008-10-02T16:38:00.000-04:00News flash. NYC middle and upper management banke...News flash. NYC middle and upper management bankers headquartered at Citi who are living in surrounding counties with superb public school systems, world renowned tourist attractions, top-notch cultural and art venues, winter sport activities and unrivaled historical features have no interest in moving to Charlotte to experience the Nascar Hall of Fame, the manmade White Water Center, the Lynx Light Rail system or South Park Mall.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19601020.post-20802648871658633422008-10-02T09:54:00.000-04:002008-10-02T09:54:00.000-04:00Some good news out of this mess:Lawyers have now d...Some good news out of this mess:<BR/><BR/>Lawyers have now dropped from first to fourth place on the list of most despised professions.<BR/><BR/>The top three in order are bankers, brokers and realtors.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19601020.post-83047087862736967552008-10-01T22:11:00.000-04:002008-10-01T22:11:00.000-04:00People need to relax, things have a way of coming ...People need to relax, things have a way of coming together. I am about to move there to start a job from NY, and I think that this is going to eventually be a good thing for the city. You must take one step back to take 2 steps forward. Charlotte took a step back, and a huge amount of community support left, however look at the good things that can come of all this. Wachovia was getting to a point where growth was slowing, and reversing recently, so what were they doing for Charlotte's economy? The truth is that the cost of living in Charlotte is much lower, as is the cost of doing business than NY, and as soon as there are vacancies in downtown Charlotte they will be filled. The second Wachovia died there were 50 large companies licking their chops at the chance to move into Charlotte and take over that space. They will not have the huge name that Wachovia has, nor will they be as large as Wachovia, but it is a lot easier for a small company to grow, and with growth more space is needed. How much more could Wachovia have grown? It was a cash cow, and now we will be getting some small high growth companies. I wish the best of luck to the people who may lose their jobs, but there is a chance that you will move on to bigger and better things. Believe in Charlotte, everything is going to come around. There is still has 7 other fortune 500 companies headquartered in Charlotte, and they are not leaving. More are coming, and something is going to step in and take over where Wachovia dropped off. Trust me, I looked around the entire country for a place to live, Charlotte was my choice, and I'm not a banker. Other people will see the same things I do, and Charlotte will continue to growAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-19601020.post-91744631622464504102008-10-01T20:31:00.000-04:002008-10-01T20:31:00.000-04:00As someone who just relocated in Charlotte from De...As someone who just relocated in Charlotte from Detroit, I can tell you there are many similarities.<BR/>Detroit lives and dies (died) with autos and Charlotte will live or die with banking.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19601020.post-60399130449474659842008-10-01T08:38:00.000-04:002008-10-01T08:38:00.000-04:00The amazing thing about this is how suddenly it al...The amazing thing about this is how suddenly it all took place. How can a company (Wachovia) that had, according to today’s Observer, a $33 billion market value three months ago agree to be sold for $2.16 billion? Something is amiss.<BR/><BR/>And don’t stockholders and the Federal Reserve have to approve this? Does Citi already own enough Wachovia stock to make the vote a sure thing? According to the Observer, the five biggest holders of stock are (in rank) Dodge & Cox, Fidelity, Barclay’s Global Investors, State Street Corp. and Vanguard Group. The comments in this blog make it sound like it is a done deal. There’s a lot that can happen involving Wachovia, good or bad from Charlotte’s viewpoint, between now and December 31, when Citi expects to close the deal.<BR/><BR/>Re a previous comment that natives in this part of the country will just transfer deposits to locally owned banks, such as BB&T: Apparently Citi plans to “base” the operations of the bought bank right here in Charlotte. Sure, the ownership will still be in New York, but this would seem to indicate they are willing to compromise. That may keep more jobs here, as well as indicate a desire to take over some of Wachovia’s uptown “projects”.<BR/><BR/>Interesting that the investment-banking arm of Barclays Bank owns so much Wachovia stock. For you newcomers who may not be aware, Barclays Bank PLC (London) had quite a point of presence in Charlotte back in the 1980s and 1990s. At least 3,000-4,000 employees were located here. Their American arm was called BarclaysAmerican Corporation, and headquartered at 201 South Tryon. That’s the building at 4th and Tryon where Dean and DeLuca is located. Barclays had a Charlotte-based retail bank, commercial arm, factoring arm, and did leasing and mortgage operations. These businesses had branches spread from Charlotte to major cities throughout the United States. The data processing center for much of their North American operations was located in a building in a commercial park near the Clanton Road-South Tryon Street intersection.<BR/><BR/>Then the Brits changed their minds and began divesting. There of course was a major impact on Charlotte with all those jobs leaving. It impacted uptown as well. At one time the bank had proposed to build two large skyscrapers on Tryon Street, connected by a glass-enclosed walkway at one of the top floors. It never happened.<BR/><BR/>We’ve been there, done that. It has happened before and will happen again. We’ve survived and come back stronger each time. New York may be the city that never sleeps. Charlotte is the city that never gives up.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19601020.post-85968365615447859252008-10-01T02:18:00.000-04:002008-10-01T02:18:00.000-04:00So. A few points:1. Papering over the loss of a ...So. A few points:<BR/><BR/>1. Papering over the loss of a nationally or internationally prominent headquarters is going to be like moving heaven and earth; the effect of the blow to Charlotte's image out of the area could be a very big deal. New York, Chicago, San Francisco were able to eventually bounce back; Charlotte ain't yet in that league of global. WB was such a massive part of why Charlotte grew and succeeded; the loss IS very, very bad. Talking someone else of this magnitude into relocating here, and hiring 20,000 people is not going to be happening.<BR/><BR/>2. THUS - About the only silver lining that can be found here is in opportunity: a massive talent pool is about to hit the streets. Let's support their start-ups. Hopefully some of the other, smaller in-state financial institutions can grow with the infusion of talent. If Charlotte is to be a player, or 'world class,' this is what it will come down to - turn the home-grown talent into something that the rest of the world NEEDS. We do not have time to waste on this.<BR/><BR/>3. Assuming that #1 is a given, diversify, diversify, diversify.<BR/><BR/>4. Right up the road - the Triangle - has grown globally prominent by spinning off everything possible from several universities. It took a long time for this to pay off, but given what the economy looks like in THAT area (faster growth, per capita, and unemployment a point lower, in what is essentially the Silicon Valley of the South), I'd say that doing everything possible to make our local universities as prominent as BoA or the late Wachovia might be a very good idea to implement ASAP.<BR/><BR/>We will survive. Hopefully we won't look like Houston in the mid-to-late 1980s, empty skyscrapers and a completely stagnant local economy. It's going to take a huge amount of work to keep from ending up like that.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19601020.post-38327223231385993612008-09-30T19:28:00.000-04:002008-09-30T19:28:00.000-04:00"Face it, the north is where the money is at..."We..."Face it, the north is where the money is at..."<BR/><BR/>Well Mikey, then explain why Citi bought a Southeastern-based bank that has all those Southeastern-based assets. Where did all that money come from?<BR/><BR/>Does Citi really think that millions of native Southerners are going to keep their deposits and accounts in a New York-based bank, when they can easily transfer them to locally owned institutions? Hahahahahaha! Watch homespun Southern bank stocks soar and Citi plunge.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19601020.post-62702248642748920232008-09-30T16:28:00.000-04:002008-09-30T16:28:00.000-04:00All cities evolve in cycles. Look at the rustbelt ...All cities evolve in cycles. Look at the rustbelt cities in the 1920s. They were the wealthiest cities in the world. Now they are struggling. Charlotte is at the top of its game now, but things change. Where is the growth for the next 20 years? Well, has anyone been reading up on all the green technology boom that is taking place in Ohio and Pittsburgh? Or all their growth in biotech?? MSN and CNN don't report on that stuff, but it is very true. We need to understand that cities and their economies will always be changing. The reaction is severe because Charlotte has never experienced a strong downturn. We were due. It happens to every city. We just weren't used to such an intense blow to our collective ego. We've been living off of the same crack for years. We will only grow if we find unique solutions to the new problems that we face.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19601020.post-78539549848947898102008-09-30T16:21:00.000-04:002008-09-30T16:21:00.000-04:00For some reason this blog has turned into a south ...For some reason this blog has turned into a south vs. north thing and rumors that Charlotte is going down. Funny, but here is a reality check. Some of the biggest companies in this nation have failed and their headquartered in NY. Guess what is going to happen? You got it major lay offs in NYC. This includes Citi which was struggling financially before they took on Wachovia. Charlotte is still a great city and America is a great country that's on pins and needles right now. All anyone can do is be cautious in your financial steps and pray smart. (I know my Jesus Freaks liked that one)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19601020.post-84508191921771164462008-09-30T16:00:00.000-04:002008-09-30T16:00:00.000-04:00Say what you want, but discourse is a good sign of...Say what you want, but discourse is a good sign of a thriving culture. I'm a half back and love Charlotte. This city is evolving, but in a good way. There is considerable discussion and thought that goes into everything here. Compared to many cities around the country that is a great thing. Sure, Charlotte lost a great employer here and jobs will be lost. But remember, there are 8 fortune 500 companies still based here and new companies arrive each year (mine just moved here as well). Smile Charlotte, the future is still bright and those buzzing us are jealous of our resiliance and future position.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19601020.post-43125068831934101932008-09-30T15:50:00.000-04:002008-09-30T15:50:00.000-04:00Our roads won't be as congested when the unemploye...Our roads won't be as congested when the unemployed Wachovians leave.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19601020.post-77336828101048977582008-09-30T15:05:00.000-04:002008-09-30T15:05:00.000-04:00Oy, such venom in a time of upheaval. Charlotte na...Oy, such venom in a time of upheaval. Charlotte native here who also spent 6 years in New Jersey. I love my hometown and I don't let people badmouth New Jersey.<BR/><BR/>This is a wonderful opportunity to diversify Charlotte's economy. Leaders, please get on with it. Focus on Duke Energy, close-in living (and light rail) and UNCC. Now would be a wonderful time for a wealthy Charlottean to shower UNCC with a big gift. This would be better for Charlotte right now than anything else I can think of. <BR/><BR/>Does this loss hurt? You bet. Will it change Charlotte forever, Yes, of course. Is it the end of the world? Only if we let it become that.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19601020.post-50454469980177525412008-09-30T13:45:00.000-04:002008-09-30T13:45:00.000-04:00This comment has been removed by a blog administrator.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19601020.post-65251262313698229502008-09-30T06:50:00.000-04:002008-09-30T06:50:00.000-04:00"Now on the tee....Ken Thompson and Robet Steele. ..."Now on the tee....Ken Thompson and Robet Steele. (Caddie by Golden West former owner)" <BR/><BR/>Now that Steele's out of a job (and me) maybe McCain can dump Sarah for a real decision maker with executive experiance. His resume was impressive ... should of asked if you could read a balance sheet. <BR/><BR/>Seriously, it's not one persons fault. The Charlotte Observer should print the names of the Board of Directors, (with their resumes) so they can all share in the blame. You have to ask yourself how this board can make so many continous mistakes. This should not be a surprize. <BR/><BR/>For the most part the banking culture is getting the overhaul it's avoided for decades, not by Wall Steet, but by politicians. NOW you see the impact this has, not just to us here in Charlotte. Hold on it's going to get real bummy. <BR/><BR/>Sorry to say it but I'll have to leave this great city. Shame I love it here.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19601020.post-73624988941678751372008-09-30T00:13:00.000-04:002008-09-30T00:13:00.000-04:0010 years spent as a hard working employee that rea...10 years spent as a hard working employee that really actually cared about my job, my customer, my co-worker and my community. Building playgrounds at underprivileged school here in Charlotte, our division adopted an orphanage for Christmas, food drives, blood drives, toy drives, Charlotte will miss us...Try to keep that in mind before you post...people do count...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19601020.post-73722120818091522992008-09-29T23:24:00.000-04:002008-09-29T23:24:00.000-04:00As someone who lives in Winston-Salem, all I can s...As someone who lives in Winston-Salem, all I can say as one of the bloggers noted earlier: Karma is a b-tch! It would be more appropriate to leave out the name of Wachovia of which we are still quite proud of up here, and have you refer to the current bank as First Union, as they are the crowd that has brought this debacle to your city,my city (which stills has a large Wachovia presence) & our state. From the arrogance & the stupdity with their business decisions, I mean really, who spends 24 Billion dollars for a company (Golden West) whose biggest marketing campaign is "Pick A Payment Morgages"? What was the expected end result other than this? But fear not Charlotte, you do have a bright future ahead of you, because of the progressive leadership that looks toward what can be rather than what can't be.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19601020.post-90341990009221230382008-09-29T23:14:00.000-04:002008-09-29T23:14:00.000-04:00In response to our anonymous friend living in the ...In response to our anonymous friend living in the great state of NJ....I'm glad you finally realized I-85 ran two ways. I've never been able to quite grasp why folks move to a city and then do nothing but b**ch and moan about the perceived deficiencies that said city has. Guys and gals, it's simple. Charlotte, NC is located in the south, below the Mason-Dixon line. The city will always retain its southern culture no matter how much northern agression there is. You either embrace it or you move back home. Simple as that. I'm sure you're the envy of your neighbors up there in Jersey, but I'll take the sunny south any ol' day. Not a slam, just stating my preference as you have so eloquently done in previous posts.<BR/><BR/>PS - spare me the mild fall comment. I'll give you better food...that's a matter of preference. But weather and climate...please...CLT>NJ and you know it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19601020.post-63425569868019180602008-09-29T22:43:00.000-04:002008-09-29T22:43:00.000-04:00I saw "Kenny Boy" perform last week at Ovens. What...I saw "Kenny Boy" perform last week at Ovens. What a class act. They don't make 'em like that anymore. Arf!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19601020.post-73415196442851351262008-09-29T22:39:00.000-04:002008-09-29T22:39:00.000-04:00We also have diversified into the culinary capital...We also have diversified into the culinary capital of the East Coast.<BR/><BR/>There's plenty of restaurant jobs. <BR/><BR/>"Hey, broker! Bring me a Corona!"Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19601020.post-15048218582344065202008-09-29T22:37:00.000-04:002008-09-29T22:37:00.000-04:00Hey, I hear they're rethinking the whole South Try...Hey, I hear they're rethinking the whole South Tryon Arts Complex thing. Forget the buildings ... the Lanty Smith Mine Act Troupe will be performing dog tricks daily, featuring "Kenny Boy" the jumping dog.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19601020.post-24216323741166700082008-09-29T22:35:00.000-04:002008-09-29T22:35:00.000-04:00Charlotte is diversified. We have the center of th...Charlotte is diversified. We have the center of the state's health care industry right here.<BR/><BR/>The "4,000" can take their severance packages, attend CPCC, and in six weeks become licensed CNAs. Not much pay, but plenty of insurance benefits. <BR/><BR/>Our new slogan:<BR/>"From Board Rooms to Bed Pans"Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19601020.post-63305270862784714502008-09-29T22:16:00.000-04:002008-09-29T22:16:00.000-04:00The only thing that won't change is change. Get u...The only thing that won't change is change. Get used to it. Change is here - it's always been here. It will never go away. Stop being afraid of it and see it for what it really is - a chance to make things better. <BR/><BR/>So stop complaining/sulking/calling other people names. Get up off the couch and put in a little effort. Make things better.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19601020.post-1065273486351050332008-09-29T21:57:00.000-04:002008-09-29T21:57:00.000-04:00Charlotte banks let go of a ton people from cities...Charlotte banks let go of a ton people from cities like Richmond, Birmingham, Winston, Boston, Philly, SF, Chicago, etc... by buying up their banks and promising to keep a "large" presence there. Ask someone in those cities and see what they say now. All I have to say is that karma is a you know what!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19601020.post-67816743490890266782008-09-29T21:16:00.000-04:002008-09-29T21:16:00.000-04:00I think the layman understands this better than th...I think the layman understands this better than the "educated" ones.Anonymousnoreply@blogger.com