Wachovia bites the dust

[ziggy]

Wow... Two years ago their shares were over 50 bucks, today they are down to a buck and change, and are in the process of being gobbled up by Citigroup.

Any Wachovia employees out there lurking? What was the atmosphere like at the bank today with news of the Citigroup purchase?

[Dunk]

Wow... Two years ago their shares were over 50 bucks, today they are down to a buck and change, and are in the process of being gobbled up by Citigroup.

Any Wachovia employees out there lurking? What was the atmosphere like at the bank today with news of the Citigroup purchase?

Yeah, it was a rough day. Pretty much folks were in shock (although it's not surprising). I think the first thing on everyone's mind, and mine, was that we are totally screwed when it comes to a job. My whole life basically took a basic seat for this thing OR I have to uproot (again, which brought me to Charlotte just a couple years ago) and possibly relocate for another job.

It basically sucks. Our management did us wrong because they are idiots.

[dnbman]

Yeah, it was a rough day. Pretty much folks were in shock (although it's not surprising). I think the first thing on everyone's mind, and mine, was that we are totally screwed when it comes to a job. My whole life basically took a basic seat for this thing OR I have to uproot (again, which brought me to Charlotte just a couple years ago) and possibly relocate for another job.

It basically sucks. Our management did us wrong because they are idiots.

Are layoffs certain?

Man, that sucks! Hope everything goes as good as possible.

[x2pacalypse]

i love how the rich still arent taking this serious, and its the regular working class that's getting ass raped because of bourgeoisie retardation... a bailout is basically the only option we have left, it sucks yes, but i think a 25% unemployment rate and 500% inflation would be much worse

[TheBeagle]

Yeah, it was a rough day. Pretty much folks were in shock (although it's not surprising). I think the first thing on everyone's mind, and mine, was that we are totally screwed when it comes to a job. My whole life basically took a basic seat for this thing OR I have to uproot (again, which brought me to Charlotte just a couple years ago) and possibly relocate for another job.

It basically sucks. Our management did us wrong because they are idiots. You got that right! Greedy fucks tried expanding too fast and all that mortgage shit out west. Reason #131 why I'm an anti-capitalist.

Good luck with the situation, Dunk.

[Dunk]

Yeah, layoffs are certain. The companies look to get costs out to help improve scale. That usually comes from overlap functions like HR, marketing, IT, etc.., My guess is probably 15-20% or something like that. Over time they'll migrate staff functions to Citi headquarters.

Hey, this is how the market corrects itself. Whatever. I'm not going to let it run my life. This is actually the 4th one I've been through so I kind of know how it's going to go. I'll just see how the winds are blowing and bail if I need to. I'll still be watching games and drinking beer, like usual. :)

Thanks.