Bank of America Acquistion?

[A2]

BofA is NOT moving.

Barclays or no Barclays, BofA has been and will remain a part of Charlotte. Not as just a major operations, but as the HQ.

There have been mergers and aquisitions by both banks, and neither has even thought about moving, nor should they. They have gobbled up many firms that were in larger cities with a global reach, yet maintaned the same footing they always have.

In fact, both are adding more space, not only in Uptown, but in satelite office bldgs around the city. BofA just signed a lease for one of the larger spaces now open in Ballyntyne.

This activity is to grow Charlotte's base and their total operations.

The bldg in NY is a consolidation move, and was smart. Not to mention it gives them a striking mark on the NYC skyline, which helps advertise the banks wealth and power.

NY was also the SMART move for BofA to move its Investment Banking unit too, since we all know that NYC is the epicenter of that activity.

While NYC is the Epicenter of IB, Charlotte is the Epicenter of Banking, and that is that. These two banks are so large now, that their destiny is virtually carved in stone.

The only thing both are concerned with now is returning shareholder value and growing profits. They can continue to do just fine in CLT, and in fact, save tons of money in the process due to the costs involved in being here over many other larger cities in the world.

A2

[A2]

I want to add one more post to this topic.

I want BofA to bid on Barclays, it makes great business sense. I could see London being the HQ for their International Banking arm, and there is NOTHING wrong with that. It would be a global stretch for BofA and would actually enhance Charlotte's presence Internationally. This could do Charlotte only good.

A2

Go BofA!

(and WB too, of course )

[SmellyCat]

All that tower is doing is consolidating about 12 different offices that they currently have scattered all over downtown and midtown manhattan.

4,000 people is no small number, but it is nothing compared to their ~13,000 employees in downtown Charlotte.

Again, it makes sense to have certain functions in NY, but I suspect that the HQ operations would stay here.

[swh1972]

There has been talk of BofA buying Barclays for a few months (or longer). I doubt that there is any agreement in place that fueled yesterday's speculation. I think it was just that, speculation.

[MZT]

With 10% of the domestic banking deposits, (a Federal Reserve restriction) BofA must grow here by acquiring new customers. So it's obvious the next big purchase will be outside the US.

[RiverwoodCLT]

I sure the banking laws here in NC means somrthing too. It is the NC banking laws that help build BOA and Wachovia.

[A2]

I sure the banking laws here in NC means somrthing too. It is the NC banking laws that help build BOA and Wachovia.

[monsoon]

I sure the banking laws here in NC means somrthing too. It is the NC banking laws that help build BOA and Wachovia.

[A2]

Nothing in those laws that would prevent BofA to entering an agreement to move its HQ to NYC.

[A2]

They had planned a Charlotte tower in the 1980s but that fell through. I don't know if they have any presence here or not.

From a quick read of the balance sheet, Barclays' total assets are 986 billion pounds, which is $1.94 trillion USD. Barclays is the biggest bank in the world by that metric.

[nowensone]

Found an article on the One Bryant Park building under construction in NYC at Wiki, BoA must have 4400 workers at the tower by 2028. Not disagreeing that they are simply consolidating operations from various other locations in and around Manhattan, but it would not seem to make sense to have such a requirement with a 20 year period to fill if it was not to be NEW jobs. Or is the difficulty and the time period given due to long term leases at the other sites?

[RiverwoodCLT]

Who knows what will happen in 20 years. In 20 years all the New York banks could be in Charlotte. Earth changes and weather in 20 years could put New York City under water.

[monsoon]

Who knows what will happen in 20 years. In 20 years all the New York banks could be in Charlotte. Earth changes and weather in 20 years could put New York City under water.

[swh1972]

One could make the argument that the Investment Banking division and Banc of America Securities can increase their presense in NYC, similar to how asset management is HQ'd in Boston. This would easily account for 4000+ jobs. Many of these positions are still located in Charlotte.

[SmellyCat]

One could make the argument that the Investment Banking division and Banc of America Securities can increase their presense in NYC, similar to how asset management is HQ'd in Boston. This would easily account for 4000+ jobs. Many of these positions are still located in Charlotte.

[swh1972]

Well, it's a pretty big division of the bank. I know that a large number of support personnel are located in Charlotte, and BAS has a trading floor in the Hearst Tower, and it's a pretty large trading floor.

[SmellyCat]

Well, it's a pretty big division of the bank. I know that a large number of support personnel are located in Charlotte, and BAS has a trading floor in the Hearst Tower, and it's a pretty large trading floor.

[swh1972]

I believe that the Global Corporate Investment Banking division is about a quarter of the bank's net income in 2006 (second to consumer banking), and I think you are correct about the jobs that have moved to NYC over the past two years.

[UptownGrrl]

What is the current extent of the two banks' relationship? I know that when traveling in the UK, BofA sends you to Barclays for no fee ATM withdrawls... maybe they're just friends.

[crispin]

What is the current extent of the two banks' relationship? I know that when traveling in the UK, BofA sends you to Barclays for no fee ATM withdrawls... maybe they're just friends.