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Triangle Economic Forecast


DanRNC

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  • 4 months later...

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Wachovia bought by Citigroup

This could go in any number of threads, including at the North Carolina level on UP. This is obviously a huge blow to the State as a whole with ramifications still not completely known or felt. Wachovia shares fell 90%. On top of Freddie, Fannie and Wamu, 401 k's are taking hits that cannot be recovered from for many years. From our downtown's perspective if the Wachovia Building on Fayetteville Street suddenly lost a couple hundred employees, that affects other projects on the street (Charter Square, Layfayette) that had office components. From a personal perspective, while I don't bank with "Walk all over ya", I do know what a booger Citibank is. Highest interest rates by far of any credit card I have, even after repeated calls, and an unflinching desire to raise my limit....its limit is twice my other three cards combined. They are aggressive at recruiting students...to me it seemed more so than others, and loved to mail those 1000 and 2000 dollar loan checks preapproved, that all you had to do was cash...with interest rates of like 22%. My credit score has always been 700+ and this is my experience. For those with historic good dealings with Wachovia, what new experience will they get? Citigroup has a ruthless feel to them that I am not sure folks around here would like too much though I am very much extrapolating my personal opinion here. Thoughts folks? This is huge.

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Wachovia bought by Citigroup

This could go in any number of threads, including at the North Carolina level on UP. This is obviously a huge blow to the State as a whole with ramifications still not completely known or felt. Wachovia shares fell 90%. On top of Freddie, Fannie and Wamu, 401 k's are taking hits that cannot be recovered from for many years. From our downtown's perspective if the Wachovia Building on Fayetteville Street suddenly lost a couple hundred employees, that affects other projects on the street (Charter Square, Layfayette) that had office components. From a personal perspective, while I don't bank with "Walk all over ya", I do know what a booger Citibank is. Highest interest rates by far of any credit card I have, even after repeated calls, and an unflinching desire to raise my limit....its limit is twice my other three cards combined. They are aggressive at recruiting students...to me it seemed more so than others, and loved to mail those 1000 and 2000 dollar loan checks preapproved, that all you had to do was cash...with interest rates of like 22%. My credit score has always been 700+ and this is my experience. For those with historic good dealings with Wachovia, what new experience will they get? Citigroup has a ruthless feel to them that I am not sure folks around here would like too much though I am very much extrapolating my personal opinion here. Thoughts folks? This is huge.

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  • 4 months later...

Just rolling over in my head what dirt is currently being turned downtown.

Hue is getting closer to occupancy

Tucker (Lofts on Glenwood?) is leasing according to the sign

Bloomsbury is all but there

Boylan Brewpub is about finished

Green Square is full steam ahead

County demo is underway

So is Powerhouse plaza (though Cline is laying off left and right)

Blount Street Commons is still framing some stuff

City Plaza is underway

Mahler Gallery/Carolina Trust is being upfitted inside

So is Campbell Law School

Any other things to keep our interest even though the new announcements are few and far between nowadays?

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Citi Group doesn't sound that much different than Wachovia, (formally Firt Union), very, very aggressive! However you are right NC/Charlotte will be on the losing end of this. However since Wachovia has the largest mkt share for banks in the Triangle I think Raleigh should probably be ok. IMHO!
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