>> Is Bank of America in a NY state of mind?
CEO search reportedly expanded to include execs who want to live in NY rather than bank's base of Charlotte, N.C. Might a headquarters move do the trick?
http://www.crainsnewyork.com/article/20091103/FREE/911039985/1048
Yeah, Citibank Tower is there - they don't have much use for it.
Even if the CEO moves here, it will mean very little. If you read the article, mortgages are based in CA, retail banking in MA, and credit cards in DE. Merrill's operations are based here. It is easier for people to get in and out of NYC than it is Charlotte, NC.
"Hmm. Amazing - LICC & Juicy relegated to saying I'm "wrong" based on a prediction of something that hasn't happen yet."
A some point in the next 30 years a bank will move from NYC to Charlotte and steve will claim he has been right all along. Meanwhile, he is just wrong.
"I guess Juice is the expert on predictions gone bad..."
Yes, I have seen so many bad predictions on this board they become easy to spot
BofA recently built a giant tower across from Bryant Park. I presume if they shift their headquarters to NYC that is where they will be based. Maybe they are having trouble renting out the space they didn't plan on using and figured it would be more cost-effective to consolidate more operations there rather than letting the space sit empty.
"BofA recently built a giant tower across from Bryant Park. I presume if they shift their headquarters to NYC that is where they will be based. Maybe they are having trouble renting out the space they didn't plan on using and figured it would be more cost-effective to consolidate more operations there rather than letting the space sit empty. "
Keep in mind that BoA already had a tower here before that, they just moved folks. They were definitely right across from grand central for a time... and I believe they had multiple other scattered offices.
“Then - one more thing you don't realize - retail banking is a commodity business that does not pay huge bonuses. The way they make money is by volume and low costs. Why do you think you see all the dissent at Merrill right now? Because the good old days are gone forever.”
Double oops
Actually an entertaining thread if you can get past steve's hysteria
"Does not bode well for Manhattan real estate. Morgan Stanley Smith Barney will lay off thousands of back office and support staff, and nonperforming brokers."
Already happened. Check out the latest deets on office space.
"Citi, now merely the 3rd largest bank in the country, will fall further down the ranks."
Already happened.
"That leaves only JPM as a major force in international banking based in New York."
Already happened.
"Charlotte will be the US capital of finance."
And it remains a major financial center, home to the largest bank in the country. To wit:
"Bank of America employs 15,000 people in its hometown, said Bob Morgan, president of the Charlotte Chamber, a group that promotes local business interests. That’s about 5 percent of the bank’s global workforce of 281,863. Wells Fargo has about 19,000 employees in the city after cutting about 2,000 jobs there during the past year, Morgan said."
“Then - one more thing you don't realize - retail banking is a commodity business that does not pay huge bonuses."
That is true.
"The way they make money is by volume and low costs."
Also true.
"Why do you think you see all the dissent at Merrill right now?"
Also true.
"Because the good old days are gone forever.”
Also true. Don't believe me?
"Pay czar ready to drop hammer: Kenneth Feinberg will demand average 50% cut in compensation for top earners at seven firms that received the most bailout funds."
I just published the ENTIRE context, JuiceMan, word for word what I posted.
"spinning a web of bull is."
If you think what I wrote is bull, there you have what I wrote. What is wrong with it, except your twisted interpretation of it?
"Still waiting for banks to move to Charlotte."
You can wait. And you can look for where I ever said banks would be MOVING to Charlotte. I said BofA would move some operations there, as they have. I never said Chase or any other bank was going to move to Charlotte.
Ever.
I think with the JuiceMan II you mustn't be getting much sleep at night. Try Ambien. I hear it helps.
"So you are claiming that you didn't say banks are moving to Charlotte?"
I don't think I ever said that. There were 2 banks based in Charlotte at that time. I believe I said that they would move some operations there, like some trading operations and back office operations, which have no need to be in NYC.
And from what I can tell, even if I had said it, as yet BofA is still based in Charlotte. IF they were to move here, it would only add a few hundred jobs. Nothing major. No major operations switching locations. Retail banking remains in Boston, credit cards remain in Delaware, mortgage lending remains in Calabasas.
I still do recall your prediction of the hundreds of programmers that JPM were going to need to incorporate BSC. Did that happen?
LICC, yet again you understand not. Time to crawl back under the Queensboro Bridge, or look up the definition of "statute."
"Pay czar ready to drop hammer: Kenneth Feinberg will demand average 50% cut in compensation for top earners at seven firms that received the most bailout funds."
LICC: "how stupid he looks when he stubbornly pushes and defends these dumb arguments of his"
steve: "Does not bode well for Manhattan real estate. Morgan Stanley Smith Barney will lay off thousands of back office and support staff, and nonperforming brokers."
Already happened. Check out the latest deets on office space.
"Citi, now merely the 3rd largest bank in the country, will fall further down the ranks."
Already happened.
"That leaves only JPM as a major force in international banking based in New York."
Steve - I don't think that BofA will be moving here in huge numbers and I think you have reiterated that as well. The line that you said that they are not letting go of was that you did take it one big step further and you said that, "Charlotte will be the US capital of finance."
That is certainly not the case now and it will not be the case in the future. The other stuff is just window-dressing. They are pushing you because you won't say that you were wrong about Charlotte being the US capital of finance.
Yes, W, they like to take what I say out of context. The death of Wachovia has had an effect on Charlotte, but it remains the capital of their east-coast operations. Even if BofA's chairman did move here - and there would be good reasons to due to the accessibility - it is unlikely to diminish Charlotte's attractiveness, and it will continue to be a regional center for finance.
I guess Goldman isn't a "major force" in international banking.
Why can't steve just admit that is claim that Charlotte will be the US capital of finance was stupid? Ah, his gloriously stubborn lack of awareness . . .
I was being sarcastic steve, pointing out how comical was your statement: "That leaves only JPM as a major force in international banking based in New York."
If you compare JPM to Goldman, there is NO comparison. Goldman is a highly successful firm but its reach is much smaller. It has a great trading operation & M&A operation, but no comparison to JP Morgan + Chase's national branch network.
And even less does it compare to BAC, with Merrill, & Countrywide, & MBNA, & the branch network. Completely different types of entities.
aboutready
about 6 weeks ago
ignore this person
report abuse Maybe BofA will relocate to LIC. i've heard cheap space is available.
Maybe BofA will move to StuyTown. I hear that it has lost more value than most complexes in NYC, down by half since it turned over in 07. And that's WITH new toilet seats in some apartments.
If you're charging me with trying to get LICC and JuiceMan to admit to the stupidity of the things they post - they're the only ones left posting such nonsense (if you don't count steveF and petrzitz) - then I plead guilty.
My point - twisted perversely by others - is that NYC is increasingly less the "financial capital" of the US, let alone the world. Of the 4 largest US banks, only 2 are headquartered here (JPM and C), and of those, one, C, is crippled.
BAC is based in Charlotte, and Wells is based in SF.
>> Is Bank of America in a NY state of mind?
CEO search reportedly expanded to include execs who want to live in NY rather than bank's base of Charlotte, N.C. Might a headquarters move do the trick?
http://www.crainsnewyork.com/article/20091103/FREE/911039985/1048
This sure blows out of the water stevejhx's theory that the banking industry will move everyone to North Carolina.
When they move in, let me know. As long as Ken Lewis was CEO they weren't going anywhere. But he quit!
Maybe BofA will relocate to LIC. i've heard cheap space is available.
Yeah, Citibank Tower is there - they don't have much use for it.
Even if the CEO moves here, it will mean very little. If you read the article, mortgages are based in CA, retail banking in MA, and credit cards in DE. Merrill's operations are based here. It is easier for people to get in and out of NYC than it is Charlotte, NC.
> As long as Ken Lewis was CEO they weren't going anywhere.
Yes, Steve was absolutely right until the facts came out.
"Steve was absolutely right until the facts came out."
Which fact is that?
Doesn't this go in the dog bites man pile?
Didn't steve predict that the entire banking industry was going to leave NYC and go to Charlotte?
ar, maybe BofA will move to Peter Cooper Village (chuckle . . .)
LICC, what bank has recently moved here? You're the new spunky, who declared the property bust over when Related took over the West Side Yards.
That went miles, too.
"Didn't steve predict that the entire banking industry was going to leave NYC and go to Charlotte?"
Yes, another one of steve's predictions gone horribly wrong
I guess Juice is the expert on predictions gone bad...
They can move to the Freedom Tower when it'd done in 20 or so years.
God willing, it'll NEVER be built.
I was going to say 20 never but decided to go the hopeful route instead.
have they been able to offload all the Merrill space? that would be fun for the people in hq.
Hmm. Amazing - LICC & Juicy relegated to saying I'm "wrong" based on a prediction of something that hasn't happen yet.
Amazing!
Did Kenny-Boy really quit or was it more like he was told that he would be retiring? Not exactly the same thing.
"Hmm. Amazing - LICC & Juicy relegated to saying I'm "wrong" based on a prediction of something that hasn't happen yet."
A some point in the next 30 years a bank will move from NYC to Charlotte and steve will claim he has been right all along. Meanwhile, he is just wrong.
"I guess Juice is the expert on predictions gone bad..."
Yes, I have seen so many bad predictions on this board they become easy to spot
Good to know you review your own posts.
Good to know you have no idea what you are talking about
BofA recently built a giant tower across from Bryant Park. I presume if they shift their headquarters to NYC that is where they will be based. Maybe they are having trouble renting out the space they didn't plan on using and figured it would be more cost-effective to consolidate more operations there rather than letting the space sit empty.
If 31 years from now Bank of America moves its headquarters to NYC JuiceMan will declare victory. Until that time, Steve 1, JuiceMan 0.
> Good to know you have no idea what you are talking about
Coming from a guy with your accuracy rate, I take that as a compliment...
thanks!
"BofA recently built a giant tower across from Bryant Park. I presume if they shift their headquarters to NYC that is where they will be based. Maybe they are having trouble renting out the space they didn't plan on using and figured it would be more cost-effective to consolidate more operations there rather than letting the space sit empty. "
Keep in mind that BoA already had a tower here before that, they just moved folks. They were definitely right across from grand central for a time... and I believe they had multiple other scattered offices.
somewhereelse, is that you EddieWilson?
Poor steve, wrong again. Can't even spin himself out of this one.
Juicy, how am I wrong this time? Has BofA moved to NYC & forgot to tell people?
http://www.streeteasy.com/nyc/talk/discussion/7601-the-death-of-citigroup-and-new-york-as-a-banking-center
“Charlotte will be the US capital of finance.”
oops
“Then - one more thing you don't realize - retail banking is a commodity business that does not pay huge bonuses. The way they make money is by volume and low costs. Why do you think you see all the dissent at Merrill right now? Because the good old days are gone forever.”
Double oops
Actually an entertaining thread if you can get past steve's hysteria
Let's put the whole thing in context, JM:
The core of [Citibank] would be a global wholesale bank with some investment banking capability and include private and regional banking.
http://www.cnbc.com/id/28638943
"Does not bode well for Manhattan real estate. Morgan Stanley Smith Barney will lay off thousands of back office and support staff, and nonperforming brokers."
Already happened. Check out the latest deets on office space.
"Citi, now merely the 3rd largest bank in the country, will fall further down the ranks."
Already happened.
"That leaves only JPM as a major force in international banking based in New York."
Already happened.
"Charlotte will be the US capital of finance."
And it remains a major financial center, home to the largest bank in the country. To wit:
"Bank of America employs 15,000 people in its hometown, said Bob Morgan, president of the Charlotte Chamber, a group that promotes local business interests. That’s about 5 percent of the bank’s global workforce of 281,863. Wells Fargo has about 19,000 employees in the city after cutting about 2,000 jobs there during the past year, Morgan said."
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajA.c2vX1ieQ
“Then - one more thing you don't realize - retail banking is a commodity business that does not pay huge bonuses."
That is true.
"The way they make money is by volume and low costs."
Also true.
"Why do you think you see all the dissent at Merrill right now?"
Also true.
"Because the good old days are gone forever.”
Also true. Don't believe me?
"Pay czar ready to drop hammer: Kenneth Feinberg will demand average 50% cut in compensation for top earners at seven firms that received the most bailout funds."
http://money.cnn.com/2009/10/21/news/companies/feinberg_compensation/
And let's see what the article in the OP actually says:
"While a transfer of BofA's headquarters would likely result in only a few hundred new corporate jobs...."
You're been wrong about everything else, Juicy, so now you try this shot. It's hopeless - you're really getting sad. First gold, now this.
LMAO.
"Let's put the whole thing in context, JM:"
Context is not your strong suit steve, spinning a web of bull is. Still waiting for banks to move to Charlotte. tick, tick, tick
"Context is not your strong suit steve."
I just published the ENTIRE context, JuiceMan, word for word what I posted.
"spinning a web of bull is."
If you think what I wrote is bull, there you have what I wrote. What is wrong with it, except your twisted interpretation of it?
"Still waiting for banks to move to Charlotte."
You can wait. And you can look for where I ever said banks would be MOVING to Charlotte. I said BofA would move some operations there, as they have. I never said Chase or any other bank was going to move to Charlotte.
Ever.
I think with the JuiceMan II you mustn't be getting much sleep at night. Try Ambien. I hear it helps.
So you are claiming that you didn't say banks are moving to Charlotte?
"Context is not your strong suit steve, spinning a web of bull is."
Pot, meet kettle...
"So you are claiming that you didn't say banks are moving to Charlotte?"
I don't think I ever said that. There were 2 banks based in Charlotte at that time. I believe I said that they would move some operations there, like some trading operations and back office operations, which have no need to be in NYC.
And from what I can tell, even if I had said it, as yet BofA is still based in Charlotte. IF they were to move here, it would only add a few hundred jobs. Nothing major. No major operations switching locations. Retail banking remains in Boston, credit cards remain in Delaware, mortgage lending remains in Calabasas.
I still do recall your prediction of the hundreds of programmers that JPM were going to need to incorporate BSC. Did that happen?
Apology accepted, JuiceMan.
steve's old quotes are hilarious!! Charlotte will be the US capital of finance????
HAHAHAHAHAHAHHAHAHAHAHAHHAHA!!!
LICC, yet again you understand not. Time to crawl back under the Queensboro Bridge, or look up the definition of "statute."
"Pay czar ready to drop hammer: Kenneth Feinberg will demand average 50% cut in compensation for top earners at seven firms that received the most bailout funds."
http://money.cnn.com/2009/10/21/news/companies/feinberg_compensation/
Yes, somewhereelse is EddieWilson / 10022. That was proven about a week ago on the first day he posted.
Some people are just so obvious who they are.
By the way, Steve knows exactly where Bank of America is moving. He used to audit Bank of America internally in its Latin American division.
Thanks for your confidence in me, flilter! But I was an auditor at BofA 20 years ago. No contacts there now.
However, it's not hard to figure out what might be on the horizon, by thinking about it.
I do enjoy steve's glorious lack of awareness of how stupid he looks when he stubbornly pushes and defends these dumb arguments of his.
anyone actually read the article? all they want (or are thinking about doing) is basing the CEO in NY - that's all.
W
T
F
?
LICC: "how stupid he looks when he stubbornly pushes and defends these dumb arguments of his"
steve: "Does not bode well for Manhattan real estate. Morgan Stanley Smith Barney will lay off thousands of back office and support staff, and nonperforming brokers."
Already happened. Check out the latest deets on office space.
"Citi, now merely the 3rd largest bank in the country, will fall further down the ranks."
Already happened.
"That leaves only JPM as a major force in international banking based in New York."
Already happened.
Steve - I don't think that BofA will be moving here in huge numbers and I think you have reiterated that as well. The line that you said that they are not letting go of was that you did take it one big step further and you said that, "Charlotte will be the US capital of finance."
That is certainly not the case now and it will not be the case in the future. The other stuff is just window-dressing. They are pushing you because you won't say that you were wrong about Charlotte being the US capital of finance.
Yes, W, they like to take what I say out of context. The death of Wachovia has had an effect on Charlotte, but it remains the capital of their east-coast operations. Even if BofA's chairman did move here - and there would be good reasons to due to the accessibility - it is unlikely to diminish Charlotte's attractiveness, and it will continue to be a regional center for finance.
I guess Goldman isn't a "major force" in international banking.
Why can't steve just admit that is claim that Charlotte will be the US capital of finance was stupid? Ah, his gloriously stubborn lack of awareness . . .
Steve, stop spinning and just admit that your quote about Charlotte being the US capital of finance was pure stupidity.
Just admit it. Please.
'I guess Goldman isn't a "major force" in international banking.'
You would be right, LICC. Not in the sense that JPM and BAC and UBS are.
I was being sarcastic steve, pointing out how comical was your statement: "That leaves only JPM as a major force in international banking based in New York."
If you compare JPM to Goldman, there is NO comparison. Goldman is a highly successful firm but its reach is much smaller. It has a great trading operation & M&A operation, but no comparison to JP Morgan + Chase's national branch network.
And even less does it compare to BAC, with Merrill, & Countrywide, & MBNA, & the branch network. Completely different types of entities.
Their businesses are different, but it is silly to say that Goldman Sachs is not a major force in international banking.
That's a matter of opinion. BofA has more employees in Charlotte than GSC has in New York.
> but no comparison to JP Morgan + Chase's national branch network.
Steve, did you *really* just try and prove JPM's strength in "international banking" by pointing out their number of US branches?
I'm so glad everyone else sees how ridiculous steve's comments and analyses are.
seriously? LICC, *you're* saying that?
pot, meet kettle...
"did you *really* just try and prove JPM's strength in "international banking" by pointing out their number of US branches?"
Where do you think they get their money from?
This is a worthwhile discussion.
Next we'll have a discussion amoung you three about whose penis is smaller.
Guess not, hey Juicy and LICC.
Comments?
aboutready
about 6 weeks ago
ignore this person
report abuse Maybe BofA will relocate to LIC. i've heard cheap space is available.
Maybe BofA will move to StuyTown. I hear that it has lost more value than most complexes in NYC, down by half since it turned over in 07. And that's WITH new toilet seats in some apartments.
"i've heard cheap space is available."
In the Citibank building.
Juicy?
LICC?
Any follow-ups?
LICC - I've seen you posted elsewhere today. No comment on your stupid comments in this thread?
Juicy?
Juicy?
LICC?
Juicy?
LICC?
I know you're out there because you've been posting. Any comment on your ridiculous comments here?
steve, I wouldn't keep pushing this thread.
you matched juicy in the rediculous comments count here...
"did you *really* just try and prove JPM's strength in "international banking" by pointing out their number of US branches?"
You want me to comment on your ridiculous statement that Charlotte will be the US capital of finance?
Ok- your comment is still as dumb now as it was then.
So, LICC, you still think that BofA is moving to New York, even though it's not?
Ok - your comment is still as dumb now as it was then.
Unless you're ready to admit that you were wrong all along in this thread - BofA is not moving to NY?
"did you *really* just try and prove JPM's strength in "international banking" by pointing out their number of US branches?"
And I repeat, where do you think they get their money from? Athens?
steve, you are just digging yourself a hole.
Granted, you are amusing me while you do it, but this is one of your nuttier ones.
SWE - I didn't start this. At all.
steve, sorry, but you lost the moral high ground when you posted the same post repeatedly every few hours.
You might not have started it, but you're certainly a guilty party now.
If you're charging me with trying to get LICC and JuiceMan to admit to the stupidity of the things they post - they're the only ones left posting such nonsense (if you don't count steveF and petrzitz) - then I plead guilty.
as long as you admit your guilt and immaturity here.... "I didn't start this. At all." is just childish after what you did.
What is the point of bumping this thread?
Who said Bank of America ISN'T moving to NYC?
Who said it was?
crain's.
No they didn't. They were speculating MAYBE it would move to NYC if the new CEO didn't want to live in Charlotte. But the new CEO lives in Boston.
yet another strike for you on your "charlotte taking over" thread....
How so, if Moynihan moves to Charlotte?
My point - twisted perversely by others - is that NYC is increasingly less the "financial capital" of the US, let alone the world. Of the 4 largest US banks, only 2 are headquartered here (JPM and C), and of those, one, C, is crippled.
BAC is based in Charlotte, and Wells is based in SF.
When did I ever say BofA was moving its headquarters to NY? Now steve is making up things I said to argue with me.
And steve still doesn't think Goldman is a major global financial player . . . ok, I stopped laughing now.
Nobody ever said BofA WAS moving their HQ to NYC. There was speculation.
At this point, nobody knows.