Because no banker qualified to lead Bank of America (seems like a low enough hurdle to me) is willing to relocate to Charlotte, North Carolina the bank is now offering to permit him or her to be based in New York. Hey, if that person like New Jersey then, as a reader comments below, perhaps I can sell him 15 Lia Fail – it may have the Jersey look, but taxes are a tenth of theirs.
UPDATE: I jut located Charlotte on the map and it seems to be located precisely in the middle of nowhere. How did Bank of America find its way there?
B of A originated in San Francisco but their headquarters ended up in Charlotte through a merger with Wachovia, which started there in about the 50s. At one point, B of A was the biggest US bank, closely followed by Chase.
I knew there was a good reason why I dislike NC
Actually, was Hugh McColl’s NCNB (of Charlotte) that bought BoA (of SF) back in late ’90s
And Wells Fargo (of SF) bought Wachovia (of Charlotte) last yr
But neither commercial banking (AKA work as a glorified teller or toaster salesman) nor Charlotte has ever attracted much IQ for obvious reasons
After all, any semi-competent IB CEO can live at 15 CPW and have a G550 at disposal for any air travel….
I still think a dark horse is they move the headquarters to Boston and make Brian the head.
It won’t seem as bad a sell out as moving it to NY, its close enough to manage NY successfully, and lots of people are willing to move to Boston.
A lot of the banking executives in Charlotte live in Lake Norman, a waterfront suburb/city not too far outside the city and commute. It’s actually a lovely area with houses averaging from the mid $500,000′s to several million dollar range. (although nothing can obviously live up to Greenwich and of course the ambience of Cos Cob!!)
you can have a million dollar home in the suburbs of NC, but you are still in the middle of nowhere
“you can have a million dollar home in the suburbs of NC, but you are still in the middle of nowhere”…
Exactly! I moved here from Long Island over 20 years ago, and it’s horrible. There’s nothing to do, nowhere to go. In fact reading this blog is one of the only forms of stimulating entertainment available. In fact, I’m one of the few people around here that CAN read.
Tell all your friends!