Citigroup to buy Wachovia banking ope...

Citigroup to buy Wachovia banking operations

There are 28 comments on the Asheville Citizen-Times story from Sep 29, 2008, titled Citigroup to buy Wachovia banking operations. In it, Asheville Citizen-Times reports that:

Comments on Topix forums : In the latest byproduct of the widening global financial crisis, Citigroup Inc.

Join the discussion below, or Read more at Asheville Citizen-Times.

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Bird Man

Hickory, NC

#22 Sep 30, 2008
Leesa wrote:
<quoted text>
Is Renetta a teller? Why didn't you talk to the branch manager?
No She was A Financial Consulant, and she was equally as rude to the Branch Manager That Day. The Branch Manager knew me well,she was floored, when Renetta, told me to get out and get out now. I did register a complaint with the Banking Commision, and I had the Asheville Police come to escort me to my car with the contents of my safety deposit box. What Goes arround comes arround, and i sure hope she looses her job if she is still employeed there .
Robert

Lincolnton, NC

#23 Sep 30, 2008
Bird Man wrote:
<quoted text> No She was A Financial Consulant, and she was equally as rude to the Branch Manager That Day. The Branch Manager knew me well,she was floored, when Renetta, told me to get out and get out now. I did register a complaint with the Banking Commision, and I had the Asheville Police come to escort me to my car with the contents of my safety deposit box. What Goes arround comes arround, and i sure hope she looses her job if she is still employeed there .
As a Wachovia employee I am very dismayed to hear of the problem you had. We are trained and expected to understand that the our customers are the reason we have a job and great service is our number one goal. Please ask the branch manager (who is not that employee's boss) for the name of her manager. You should call her manager directly and he/she will address the situation if it has not been already. Please accept my apology and give us the chance to make it up to you.

Since: Feb 07

Ashevegas

#24 Oct 1, 2008
Do we still have any "local" banks? That was my main reason for sticking with Wachovia for the last 44 years. I like the people at the north branch, but want nothing to do with citibank.
Radar

Eddyville, KY

#25 Oct 1, 2008
lawnguy wrote:
Do we still have any "local" banks? That was my main reason for sticking with Wachovia for the last 44 years. I like the people at the north branch, but want nothing to do with citibank.
Umm, Wachovia has not been a "local" bank for a very long time -- decades. Even when it was First Union, it was not locally owned.

If you want a real local bank, try:

- Bank of Asheville (see at https://www.bankofasheville.com/ -- the headquarters is in Asheville)

- Mountain 1st Bank (see http://www.mountain1st.com -- it has headquarters in Hendersonville with branch locations in Asheville)

- Macon Bank (see http://www.maconbank.com -- it has locations in Franklin, Asheville, Hendrsonville, Brevard, Cashiers, Highlands)

Since: Sep 07

Asheville

#26 Oct 3, 2008
RE: Upcoming Layoffs
Citibank is jettisoning 24,000 employees in 2008, yet Citibank "remains headquartered in New York City". Read about Vikram Pandit, Citigroup CEO and his well-known philosophy to cut banking staff since they are “a high expense category”, and his stated reasons for mass lay-offs at his own bank. His thinking is analyzed in banking & finance news sources like the globally-respected financial papers, The Financial Times, Wall Street Journal, and Barrons, that do hard-core analysis and have decades-long track records. These sources also write on BofA’s Ken Lewis' ambitions and philosophy. Of the 60,000 employees both banks have in Charlotte, the bulk are Wachovia’s and banking/finance analysts expect, despite the common practice of issuing perfunctory press releases, that the inevitable mass lay-offs are needed for Mr. Pandit to achieve profit goals for the Wachovia acquisition that he promised his board of directors. He made no BINDING promise to his Citigroup board to keep anything in Charlotte, as such promises are irrelevant to stock analysts. The Raleigh & Charlotte press can only parrot perfunctory press releases, they lack staff to send to NYC to do their own face-2-face research (and they dont have insider contacts there anyway), though to the (outside owned) Charlotte Observers’ credit, they’ve courageously ran stories on & off for 5 months that at least acknowledged the possibility of losing bother banks.
Though I’ve done commercial lending projects with BofA and have shared accounts at Wachovia, their decisions don’t affect me so I can evaluate this objectively and without emotional ‘hopes and wishes’. Note:“In January, Bank of America announced the acquisition of Countrywide in a press release. After the government approved the purchase, BofA eliminated 7,500 out of 15,000 Countrywide jobs so far only as of August.” Note THIS was before the recent crisis in credit contraction. So it took BofA 9 months to get rid of half of CFC’s staff.
Analytically, I look forward to revisiting this whole subject at the halfway point in March 09 and again in July 2009, after the acquisitions are finalized and after both stealth and announced lay-offs and relocations to NYC are unfolding. We can be reading ‘early indications’ of it, such as Ken leasing space in Manhatten for a pending move or making room in Merrill’s existing Manhatten HQ, in well-informed banking and finance sources like the Wall Street Journal and the Financial Times.

Since: Sep 07

Asheville

#27 Oct 3, 2008
HA HA HA...wow, ya gotta love this excitement!!!
Wachovia changed their mind just 5 minutes ago...they're being sold to California-based Wells Fargo Bank, the other suitor.
Well, I like that idea better.
Scratch what I said about Vikram Pandit, Citigroup CEO. IF there are no other changes,( big IF), we need to see what the WSJ, Financial Times and analysts say about Wells Fargo's track record of laying off redundant employees.
Wicked Witch Of Leicester

Hickory, NC

#28 Oct 3, 2008
Avl Tao wrote:
HA HA HA...wow, ya gotta love this excitement!!!
Wachovia changed their mind just 5 minutes ago...they're being sold to California-based Wells Fargo Bank, the other suitor.
Well, I like that idea better.
Scratch what I said about Vikram Pandit, Citigroup CEO. IF there are no other changes,( big IF), we need to see what the WSJ, Financial Times and analysts say about Wells Fargo's track record of laying off redundant employees.


Now This Is Crazy, Iam sure there will be lay offs, and I hope Renetta W. At the Downtown Asheville Branh Is SHOWN THE DOOR, I hear there is a opening cleaning up Bird Poop In the downtown area.

“8 year nightmare is over”

Since: Apr 07

Lincolnton, NC

#29 Oct 3, 2008
lawnguy wrote:
Do we still have any "local" banks? That was my main reason for sticking with Wachovia for the last 44 years. I like the people at the north branch, but want nothing to do with citibank.
And check the credit unions to see if you qualify to be a member, some only require you live in a specific county.

I have done all my banking exclusively for decades only with Credit Unions, and I would never go back to a bank, especially a big one.

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