The attitude of employees at Wachovia is also very poor. Advancement at that company is tied much more to the color of your skin and sexual orientation than it is to performance. The result is MANY unqualified people in leadership positions. The company's focus on diversity has impacted their ability to operate sound business.
This is a spot on assessment. I worked at FU for almost 2 years, WB is just FU with a different name. I lost 3 days of my life in FU’s “diversity” training only to learn that who I am personally makes absolutely no difference, as a white, heterosexual, male I had to “own” all the atrocities every committed by my “group.” They sent tons of people to that worthless training taking them away from actually doing work.
I’m not hating on WB as a company, I want them to be sucessful because their success is good for Charlotte. But more than a few managers there in high positions were as worthless as the day is long and in no way qualified for the jobs they had. My hope had been when Thompson took over that would change. Guess it didn’t.
I just got done reading the same article. This part blew me away:
Citigroup and Wells Fargo are unlikely to bid more than a few dollars for share for Wachovia, whose shares closed Friday at $10, the newspaper said. It is unclear whether Wachovia would be sold as a whole or be broken up, or how much Wachovia bondholders might lose in any transaction, it said.
Unless there's going to be a run on deposits, why would WB make this deal? Shareholders might be better off pushing for independence, especially with a bailout agreement essentially reached.
I just got done reading the same article. This part blew me away:
Unless there’s going to be a run on deposits, why would WB make this deal? Shareholders might be better off pushing for independence, especially with a bailout agreement essentially reached.
WB may end up not having a choice. The goverment may step in and tell them they’re selling, especially if the Feds aren’t willing to back them up.
WB may end up not having a choice. The goverment may step in and tell them they're selling, especially if the Feds aren't willing to back them up.
That’s the point that MK put so well. If capital shrinks any more before the bailout passes, the FDIC will effectively shut it down.
The bailout has to be done this week, or WB will be in danger. The Fed will not rescue WB.
I’m not pulling against WB. I’m hoping they pull through as losing the company would be bad, but management there needs to get a clue. For example, CEO leaves but replacement is another insider instead of an objective person.
. . . though JPMorgan-Chase’s deal to buy WAMU move puts Citigroup on the offensive in my opinion. A deal with Wells Fargo is proffered is that they have a much more established retail bank (read: branches) than Citi and could integrate WB a bit easier with much more retail bank, back-office efficiencies. I also think a sub-HQ would remain in CLT because of BoA in CLT - a defensive move in that regard. With Citi, who the hell knows? Maybe leave everything in CLT to run the “bank” since they’re not a big retail bank. They would eave the moneycenter stuff in NYC which would be huge for CLT. The Spanish or Canadian bank will not have the winning bid in my opinion.
If i bank with Wachovia, checking only, what do i need to do other than sign up for BoA checking (redirect my direct deposit and any automatic payments). How much time would I have to do something like this?
That's the point that MK put so well. If capital shrinks any more before the bailout passes, the FDIC will effectively shut it down.
The bailout has to be done this week, or WB will be in danger. The Fed will not rescue WB.
I’m not pulling against WB. I’m hoping they pull through as losing the company would be bad, but management there needs to get a clue. For example, CEO leaves but replacement is another insider instead of an objective person.
AGREED, it's absolutely idiotic to pull your money. Leave it in.
not worried about losing money, just annoyed if I have to switch direct deposits and automatic payments.
If I have to do any work with a banking account, I’d much rather pick who my bank is rather than a buyer of the bank pick it for me.
I did buy some WB stock on fri based on the expected bailout announcement this weekend. I expect the stock to rally on monday and I will sell it off and pocket the cash.