^
Thanks for your insight!
Thanks for your insight!
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And demand creating more flights for me!
But for national image, regional economic cheerleaders should spin this "move" (really a reorganization following a merger) better. If Charlotte can consistently stretch the facts to call itself the largest US banking center outside of NYC (based on assets of its multiple bank HQ's, including two of the top ten, otherwise it's easily Chicago), then St. Louis should likewise promote itself as the largest US securities center outside of NYC (though again really Chicago).
But for national image, regional economic cheerleaders should spin this "move" (really a reorganization following a merger) better. If Charlotte can consistently stretch the facts to call itself the largest US banking center outside of NYC (based on assets of its multiple bank HQ's, including two of the top ten, otherwise it's easily Chicago), then St. Louis should likewise promote itself as the largest US securities center outside of NYC (though again really Chicago).
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I was talking with a client the other day (a Wachovia Employee) and we were talking about the signs on the tower changing and other changes to to the co.
She then started talking about Wachovia having a lot of extra space on their campus in the shorter buildings. She also said that she has heard that they are going to move the offices to these buidlings and wachovia is going to lease out the tower as office space. She said that the tower is connected by a sky bridge and that they plan on demoing the bridge and leasing the space out.
So I guess no extra towers in our future from wachovia, but this could also be attractive for a nice company to move in and have a nice tower in STL.
Just passing it along...
She then started talking about Wachovia having a lot of extra space on their campus in the shorter buildings. She also said that she has heard that they are going to move the offices to these buidlings and wachovia is going to lease out the tower as office space. She said that the tower is connected by a sky bridge and that they plan on demoing the bridge and leasing the space out.
So I guess no extra towers in our future from wachovia, but this could also be attractive for a nice company to move in and have a nice tower in STL.
Just passing it along...
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^ Not that big a surprise to hear no new construction is to be expected. AGE built out a ton of excess capacity, intentionally, a couple years ago.
While I am not questioning the authenticity of your source, I question the logic of consolidating the company into the western part of the campus and leasing out the tower. It is a rather gracious building, with arguably the best view of StL, full of porches, and with the height people desire. It's one of those "Big Impressive Office Views" that CEOs & upper management love to assert power and dominance. Plus, the quality of the interiors are some of the best in the City; I wouldn't want to just give them up in a poor office environment for new buildout, regardless of internal social climate considerations from a buyout (sitting in the Old Boss' chair).
While I am not questioning the authenticity of your source, I question the logic of consolidating the company into the western part of the campus and leasing out the tower. It is a rather gracious building, with arguably the best view of StL, full of porches, and with the height people desire. It's one of those "Big Impressive Office Views" that CEOs & upper management love to assert power and dominance. Plus, the quality of the interiors are some of the best in the City; I wouldn't want to just give them up in a poor office environment for new buildout, regardless of internal social climate considerations from a buyout (sitting in the Old Boss' chair).
it'll be interesting to see if they're still on this campus in five to ten years. sad. bagby is the worst, and I heard that he isn't the most popular guy.. outside of the Edwards family...
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JCity wrote:it'll be interesting to see if they're still on this campus in five to ten years. sad. bagby is the worst, and I heard that he isn't the most popular guy.. outside of the Edwards family...
He won't be invited to Christmas dinner at the Edwards house anytime soon.
The Central Scrutinizer wrote:JCity wrote:it'll be interesting to see if they're still on this campus in five to ten years. sad. bagby is the worst, and I heard that he isn't the most popular guy.. outside of the Edwards family...
He won't be invited to Christmas dinner at the Edwards house anytime soon.
I've heard Bagby very rarely comes downtown anymore after some nasty things were said to him and his car damaged. He claims it's because of the I-64 shutdown but employees I know say it's because he's given the cold shoulder (or worse). Supposedly he hides out at a satellite office in West County.
Hopefully Wachovia didn't spend too much on the new signage Along Jefferson and Market...
So who is going to be the new owner this time next year? JP Morgan is cleaning up with the recent fire sale, so it seems.
So who is going to be the new owner this time next year? JP Morgan is cleaning up with the recent fire sale, so it seems.
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UH OH-
Securities regulators from several U.S. states have raided the St. Louis headquarters of Wachovia Securities
http://money.cnn.com/2008/07/17/news/co ... ney_latest
Securities regulators from several U.S. states have raided the St. Louis headquarters of Wachovia Securities
http://money.cnn.com/2008/07/17/news/co ... ney_latest
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ContractorKitchens wrote:UH OH-
Securities regulators from several U.S. states have raided the St. Louis headquarters of Wachovia Securities
http://money.cnn.com/2008/07/17/news/co ... ney_latest
At least it's bringing in people (the securities regulators) from other areas to stay and eat downtown.
Wachovia shares were walloped by a downgrade on Tuesday: http://snipurl.com/30fyl. Quarterly results will be released on the 22nd of this month. Wachovia is not looking strong. 
For some reason I couldn't get the quote button to work, but from Yahoo:
Wachovia loses $8.9B, cuts 6,350 workers, dividend
Tuesday July 22, 11:08 am ET
By Ieva M. Augstums, AP Business Writer
Wachovia slashes dividend, jobs, to shut mortgage unit after $8.86B loss in second quarter
CHARLOTTE, N.C. (AP) -- Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well. The nation's fourth-largest bank by assets said it lost $8.86 billion, is slashing its dividend and eliminating 10,750 positions after losses tied to mortgages soared.
Even excluding one-time items, the results substantially missed Wall Street estimates.
"These bottom-line results are disappointing and unacceptable," Chairman Lanty Smith said in a statement. "While to some degree they reflect industry headwinds and weaker macroeconomic conditions, they also reflect performance for which we at Wachovia accept responsibility."
Wachovia said it lost the equivalent of $4.20 per share in the April-June period. In the same timeframe last year, the bank earned $2.34 billion, or $1.22 per share.
Excluding $6.1 billion in write-downs to the value of its intangible assets and merger-related and restructuring charges of $128 million, Wachovia lost $2.67 billion, or $1.27 per share. Second quarter results include the bank's October acquisition of A.G. Edwards Inc.
http://biz.yahoo.com/ap/080722/earns_wachovia.html
Wachovia loses $8.9B, cuts 6,350 workers, dividend
Tuesday July 22, 11:08 am ET
By Ieva M. Augstums, AP Business Writer
Wachovia slashes dividend, jobs, to shut mortgage unit after $8.86B loss in second quarter
CHARLOTTE, N.C. (AP) -- Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well. The nation's fourth-largest bank by assets said it lost $8.86 billion, is slashing its dividend and eliminating 10,750 positions after losses tied to mortgages soared.
Even excluding one-time items, the results substantially missed Wall Street estimates.
"These bottom-line results are disappointing and unacceptable," Chairman Lanty Smith said in a statement. "While to some degree they reflect industry headwinds and weaker macroeconomic conditions, they also reflect performance for which we at Wachovia accept responsibility."
Wachovia said it lost the equivalent of $4.20 per share in the April-June period. In the same timeframe last year, the bank earned $2.34 billion, or $1.22 per share.
Excluding $6.1 billion in write-downs to the value of its intangible assets and merger-related and restructuring charges of $128 million, Wachovia lost $2.67 billion, or $1.27 per share. Second quarter results include the bank's October acquisition of A.G. Edwards Inc.
http://biz.yahoo.com/ap/080722/earns_wachovia.html
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I wonder where the cuts will come - on the banking/mortgage side?
I know that Wachovia Securities is hiring here in STL.
I know that Wachovia Securities is hiring here in STL.
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They will likely close most of their open requisitions and count those as job cuts.
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Wachovia Securities CEO Ludeman: St. Louis jobs safe
St. Louis Business Journal - by Kelsey Volkmann
Wachovia Corp. will ax 10,750 jobs as it copes with its $8.9 billion loss but no St. Louis-area jobs will be lost, said Danny Ludeman, president and CEO of Wachovia Securities.
The bank's brokerage and money-management arm, which merged with A.G. Edwards Inc. last year, plans to add 500 to 1,000 jobs to its existing St. Louis work force of approximately 4,800, he said.
About 145 people in St. Louis were laid off when Charlotte, N.C.-based Wachovia (NYSE: WB) acquired St. Louis-based A.G. Edwards Inc. last year.
As news of more lay-offs at Wachovia spread Tuesday, Ludeman emphasized the stability at the bank's brokerage arm.
"Despite the challenges faced throughout the holding company, the brokerages are doing great," he said.
Link
DeBaliviere wrote:Wachovia Securities CEO Ludeman: St. Louis jobs safe
St. Louis Business Journal - by Kelsey Volkmann
Wachovia Corp. will ax 10,750 jobs as it copes with its $8.9 billion loss but no St. Louis-area jobs will be lost, said Danny Ludeman, president and CEO of Wachovia Securities.
The bank's brokerage and money-management arm, which merged with A.G. Edwards Inc. last year, plans to add 500 to 1,000 jobs to its existing St. Louis work force of approximately 4,800, he said.
About 145 people in St. Louis were laid off when Charlotte, N.C.-based Wachovia (NYSE: WB) acquired St. Louis-based A.G. Edwards Inc. last year.
As news of more lay-offs at Wachovia spread Tuesday, Ludeman emphasized the stability at the bank's brokerage arm.
"Despite the challenges faced throughout the holding company, the brokerages are doing great," he said.
Link
bullsh*t. (not directed at you DeBaliviere)
They're already putting together a hatchet team for cuts next spring.
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From Joe Whittington's column in today's Post……
Another cloudy forecast has rolled in from the Southeast, from the banking center of Charlotte, N.C.
Gerard Cassidy, an analyst with RBC Capital Markets, said in the Triangle Business Journal that it is "highly probable" that troubled Wachovia Corp. will have to sell a business unit because of projected loan losses, and he expects it to be St. Louis-based Wachovia Securities, the former A.G. Edwards & Sons Inc.
"That's the most logical one," Cassidy told Will Boye. "It's a valuable franchise that could garner an attractive price relative to their other assets. It may not be what they want to do, but their options are limited."
Wachovia reported a second-quarter loss of $8.9 billion on Tuesday, and said it would try to cut $2 billion in expenses.
A Wachovia Corp. spokesman said the fact that the company moved its securities operation here and is adding staff to the St. Louis unit show how important it is to the company.
"Wachovia Securities has been and continues to be one of Wachovia Corp.'s best performing businesses," a company statement said. "It is a core business for Wachovia and integral to our long-term strategy. Wachovia Corp. is firmly committed to our retail brokerage business and has no plans to sell it."
"I felt horrible when they sold it," said Benjamin F. Edwards III, who formerly headed the brokerage. "I don't think anybody was happy about it, even those within Wachovia."
He said all he wants to do now is help his son Benjamin (Tad) IV with his startup, Benjamin F. Edwards & Co.
"Sure, the place pulls at my heartstrings," said the elder Edwards. "My whole estate was in Edwards stock, and it's worth nothing now. Well, it went from $55 to $7, and now I think it's worth $13."
Another cloudy forecast has rolled in from the Southeast, from the banking center of Charlotte, N.C.
Gerard Cassidy, an analyst with RBC Capital Markets, said in the Triangle Business Journal that it is "highly probable" that troubled Wachovia Corp. will have to sell a business unit because of projected loan losses, and he expects it to be St. Louis-based Wachovia Securities, the former A.G. Edwards & Sons Inc.
"That's the most logical one," Cassidy told Will Boye. "It's a valuable franchise that could garner an attractive price relative to their other assets. It may not be what they want to do, but their options are limited."
Wachovia reported a second-quarter loss of $8.9 billion on Tuesday, and said it would try to cut $2 billion in expenses.
A Wachovia Corp. spokesman said the fact that the company moved its securities operation here and is adding staff to the St. Louis unit show how important it is to the company.
"Wachovia Securities has been and continues to be one of Wachovia Corp.'s best performing businesses," a company statement said. "It is a core business for Wachovia and integral to our long-term strategy. Wachovia Corp. is firmly committed to our retail brokerage business and has no plans to sell it."
"I felt horrible when they sold it," said Benjamin F. Edwards III, who formerly headed the brokerage. "I don't think anybody was happy about it, even those within Wachovia."
He said all he wants to do now is help his son Benjamin (Tad) IV with his startup, Benjamin F. Edwards & Co.
"Sure, the place pulls at my heartstrings," said the elder Edwards. "My whole estate was in Edwards stock, and it's worth nothing now. Well, it went from $55 to $7, and now I think it's worth $13."
Maybe the Edwards family can team up with some private equity and buy it back. Or, maybe some global bank can buy it and move the management to Europe... 
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jlblues wrote:Maybe the Edwards family can team up with some private equity and buy it back.
Stranger things have happened.
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And how much did Wachovia Securities spend to remind everyone that they're "with" A.G. Edwards and St. Louis? 
ThreeOneFour wrote:And how much did Wachovia Securities spend to remind everyone that they're "with" A.G. Edwards and St. Louis?
About 8.9 billion.
More shifting sand around the Wachovia divisional HQ on Jefferson...
Read More
Wachovia reportedly in talks with Morgan Stanley
By David Nicklaus
St. Louis Post-Dispatch
This may cause some nervousness at Jefferson & Market, the old A.G. Edwards headquarters: The New York Times reports that Wachovia is among the possible suitors for Morgan Stanley.
Morgan Stanley, one of the few independent investment banks left on Wall Street, watched its shares fall 24 percent today as investors try to figure out who will be the next victim of the financial crisis. Wachovia also has been weakened, and some analysts have said it may have to look for a buyer itself.
The Times story, based on “people briefed on the discussions,” is short on specifics. Here’s the key paragraph:
As Morgan Stanley’s share price came under renewed assault on Wednesday, the firm’s chief executive, John J. Mack, received a telephone call from Wachovia expressing interest in the Wall Street bank. Other banks have also expressed interest in Morgan Stanley, which is considering various options. The talks with Wachovia are preliminary and no deal may emerge.
Read More
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Hmm, why "presumably" would more jobs move there, than jobs move here? Didn't they already move or shed most of AG Edwards' bankers and analysts?If a deal does emerge, though, it could be bad for St. Louis. When Wachovia bought A.G. Edwards, it made St. Louis the headquarters for Wachovia Securities and moved jobs here from Richmond, Va. Presumably some of those functions would migrate to New York after the purchase of a major Wall Street player.
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Morgan Stanley-Wachovia: DOA?
Morgan Stanley (MS) has its partner. The New York-based brokerage firm-turned-bank said Monday morning it signed a nonbinding letter of intent to sell as much as 20% of itself to Mitsubishi UFJ Financial Group. Terms weren’t disclosed, and the price is to be “based on Morgan Stanley’s book value as agreed upon completion of satisfactory due diligence,” Morgan Stanley said.
Link
Citigroup to buy Wachovia banking operations
NEW YORK (AP) -- In the latest byproduct of the widening global financial crisis, Citigroup Inc. will acquire the banking operations of Wachovia Corp. in a deal facilitated by the Federal Deposit Insurance Corp.
Citigroup will absorb up to $42 billion of losses in the deal, with the FDIC covering any remaining losses, the government agency said Monday. Citigroup also will grant the FDIC $12 billion in preferred stock and warrants.
Read More