Charlotte, North Carolina has been called “Wall Street South” because of the presence of both Bank of America and Wachovia in the city. In September 2008, Bank of America agreed to buy the Merrill Lynch financial services firm, and the nickname “Wall Street South” emerged.
However, articles in February 2009 about the shaky financial status of the BOA-Merrill Lynch deal caused many to question the appropriateness of the “Wall Street South” nickname. A widely published February 14, 2009 article by Ieva M. Augstums, Associated Press business writer, began: “CHARLOTTE, N.C. — The financial collapse has hit the city known as Wall Street South.”
Another “Wall Street South” is Brickell in Miami, Florida.
Wikipedis: Charlotte, North Carolina
Charlotte (pronounced /ˈʃɑrlət/) is the largest city in the state of North Carolina and the seat of Mecklenburg County. The 19th largest city in the United States, Charlotte is also the largest city on the Eastern Seaboard between Philadelphia and Jacksonville. In 2007, Charlotte’s population was estimated to be 671,588. A resident of Charlotte is referred to as a Charlottean.
Nicknamed the Queen City, Charlotte (as well as the county containing it) is named in honor of the German Princess Charlotte of Mecklenburg, who had become queen consort of British King George III the year before the city’s founding. A second nickname derives from later in the 18th century. During the American Revolutionary War, British commander General Cornwallis occupied the city but was driven out soon afterwards by hostile residents, prompting him to write that Charlotte was “a hornet’s nest of rebellion,” leading to another city nickname: The Hornet’s Nest.
In 2007, the Charlotte metropolitan area had an estimated population of 1,897,034. The Charlotte metropolitan area is part of a wider thirteen-county labor market region or combined statistical area that has an estimated population (as of 2007) of 2,277,074. In 2008, Charlotte was chosen the “Best Place to Live in America” by relocate-america.com in its annual ranking, based on factors including employment opportunities, crime rates, and housing affordability. It was also named #8 of the 100 “Best Places to Live and Launch” by CNNMoney.com - cities picked for their vibrant lifestyles and opportunities for new businesses.
Charlotte has become a major U.S. financial center, and the nation’s largest financial institution by assets,(Bank of America), calls the city home. The city was formerly the corporate home of Wachovia, until its purchase by Wells Fargo in 2008. Wachovia was originally from Winston-Salem, NC where it had been headquartered for a century. Wachovia moved to Charlotte in the 1990s when it was taken over by the Charlotte based First Union. Due in large part to the purchase of GoldenWest Financial in 2006, Wachovia was hit hard by the mortgage crisis and, when on the verge of collapse, was forced to sell to Wells Fargo. Citi Bank filed a lawsuit claiming they had first rights to purchase Wachovia and the outcome of that lawsuit has not yet been determined despite the legal close of the Wachovia-Wells Fargo merger. Wells Fargo continues to operate Wachovia out of Charlotte, as a wholly-owned subsidiary. Wells Fargo has decided to make Charlotte its east coast headquarters. Bank of America’s headquarters, along with other regional banking and financial services companies, are located primarily in the uptown financial district. Thanks in large part to the expansion of the city’s banking industry, the Charlotte skyline has mushroomed in the past two decades and boasts the Bank of America Corporate Center, the tallest skyscraper between Philadelphia and Atlanta. The 60-story postmodern gothic tower, designed by renowned architect Cesar Pelli, stands 871 feet tall and was completed in 1992. Unfortunately had First Union not taken over Wachovia and the mortgage crisis not hit Charlotte could have had 3 major banking headquarters but instead is down to only a single one in BOA.
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Bank reforestation. (community bank start-ups; includes list of selected de novo banks)
Publication: ABA Banking Journal
Publication Date: 01-FEB-98
Author: Eckstrom, Brian
... statistical area will surpass Charlotte, a city commonly referred to as Wall Street South because of its two giant banks.
BofA plans up to 35,000 job cuts in next 3 years
Friday, December 12, 2008
By MADLEN READ, AP Business Writer
NEW YORK — Bank of America Corp. said Thursday it expects to cut 30,000 to 35,000 jobs over the next three years, as it faces a deteriorating economic environment and tries to absorb Merrill Lynch & Co.
The final number could be even higher, analysts say. Charlotte, N.C.-based Bank of America said it hasn’t yet completed its analysis for eliminating positions, and won’t until early next year. The company and Merrill have about 308,000 employees in total, and the cuts will affect workers from both companies and all types of businesses.
Bank of America is considered one of the country’s healthier banks, and its decision to slash so many jobs illustrates the breadth of the layoffs hitting the United States. The nation lost more than half a million jobs in November alone, and economists expect many more to come.
Bank of America’s action is a particularly hard blow for Charlotte—which is also home to the beleaguered Wachovia Corp., a once strong bank that is now being acquired by Wells Fargo & Co. in what amounts to a fire sale. Just three months ago, when the Merrill Lynch deal was announced, Charlotte was dubbed Wall Street South; now, the banking center is being hit as hard as Wall Street and other towns across America, where people go to work in the morning unsure if they will still have a job that night.
Austin (TX) American-Statesman
Tough times on ‘Wall Street South’
Charlotte, N.C., home to Bank of America and Wachovia, is feeling banks’ pain.
By Ieva M. Augstums
Sunday, February 15, 2009
CHARLOTTE, N.C. — The financial collapse has hit the city known as Wall Street South.
For years, Bank of America Corp. and Wachovia Corp. helped turn Charlotte into a financial powerhouse. Now, the big banks have thrust it into the same predicament as the real Wall Street: The city is losing thousands of jobs and an unquantifiable amount of prestige. Residents who invested heavily in the banks have seen their wealth dissipate and lifestyles change radically.
“It’s kind of sad — disheartening because the banks have been the backbone of Charlotte for so long,” said Carl Clayton, a retired school teacher.
New York City • Banking/Finance/Insurance • Monday, February 23, 2009 • Permalink