The BB & T headquarters move to Charlotte trees, but there may be more money posting local jobs Local News

The Winston-Salem loss is Charlotte's gain.

This may be a source of local ideas and concerns on a wonderful news hearing Thursday that BB & T Corp is paying $ 66 billion to SunTrust Banks Inc. To buy in combination create a balance that would be a sixth largest traditional bank.

The banks of the new combined bank leader, which are still to be said, are scheduled to put in Charlotte by the end of 2019 or early 2020, as well as a central information technology center.

BB & T executives are led by the chairman and chief executive Kelly King, and local civil and elected officials are trying to address the debate that requires regulatory and shareholder permissions.

However, dermatics quickly rejected along the lines "How can we compete with Charlotte more if two of our four Fortune 500 companies now have this?"

The reality of the loss of the local community is a number of first corporate corporate BB & T headquarters to Charlotte, as well as the entire executive management team moving from the mergers.

Winston-Salem has a combined bank banking department, probably retaining thousands of affiliated jobs and SunTrust jobs like this is likely to be the profit of BB & T going to Atlanta, which will lose SunTrust corporate headquarters.

The King emphasized the "interference and succession philosophy" that became a mantra at BB & T in the last two years when he asked about another discussion on the Winston-Salem and psyche economy.

"This is not a bad story for Winston-Salem," said the King. "It's not essential. You did not hear anything about us in terms of a job that this is a negative case for Winston-Salem.

"We want to make it clear that we do not expect to have a significant change in employment in Winston-Salem or Atlanta," he said.

"Instead, what we think is what our company grows and we will develop, we will see a significant increase in employment in Charlotte, Winston-Salem and Atlanta," he said.

Chopped dealing

The local reaction is understandable to a community that is dealt with by a serious socio-economic body in 2001-03 – a loss of 1,300 jobs paying well when Wachovia Corp's home bank is sold to the First Union Corp of Charlotte, which then took the name of Wachovia.

While the local headquarters are the new management and management center of Wachovia, the loss of corporate executives and their families is naturally void in terms of charity and community investment in terms of time, money and passion.

"Wachovia's merger here is the merger of the First Union as SunTrust wanted to buy Wachovia at the same time back in 2001," said Bowman Gray IV, a local independent stock broker.

SunTrust submitted a higher bid per share to Wachovia than the First Union. However, Wachovia's directors' boards were subsequently, partly due to the SunTrust customization that defined some as a rare crisis effort within the banking industry.

Currently, Krispy Kreme Donuts Inc. Transferring – under new and new-owned executive management – its corporate operations to Charlotte and its food production services to Concord even while saying that Winston-Salem is holding a global headquarters presence.

The BB & T-to-Charlotte move also has a $ 54.5 billion transaction impact in July 2017 to the 57.8 percent of Reynolds American Inc. to buy, which had a corporate headquarters in Winston-Salem, it was not already the same. Reynolds became a subsidiary of ATM in the process.

The local community, therefore, has a rapid and fast experience of job and loss of young and old professionals for Charlotte and other communities.

Opportunities

What appears to be the BB & T SunTrust headquarters to relocate Charlotte deeper than if the B & B was a different idea of ​​belief, if not hopeful. The BB & T, with many opportunities to move ahead, would like to be a big fish in a small pond in Winston-Salem. A conservative bank, led by a relatively frugal functional management team, took a lower business cost in Winston-Salem, compared to Charlotte, Raleigh or Atlanta.

BB & T had the prospect of corporate and corporate roots here, although its headquarters moved to Winston-Salem in 1995 after its $ 2.2 billion seminar combined equals the Southern National Corp of Winston-Salem .

"While this reflects clearly in terms of growth, creating a more efficient and efficient institution that could be a world class operation, it is not sad that Winston-Salem is losing another company that is going to heads, "said Gray.

"Under the leadership of Kelly King, the culture will ensure that the B & B is historically, unlike the Union / Wachovia equality that causes a tougher cultural change to a more aggressive approach to the First Union, preserving Wachovia as one name, "he said.

"I hope they will continue to respect their long tradition to support local causes and will not forget their roots," Gray said.

Where are the jobs?

The executives of BB & T and SunTrust, as well as analysts, explained the logic of the new headquarters in Charlotte.

They say in the context of the internal culture, the bank may present a current headquarters in a great deal with the full merger of premiums and cohesion.

From an operational point of view, the reality is that Charlotte supplies a financial technological pool over Winston-Salem and the Triad, as a result of the fact that Charlotte has created an atmosphere for young people, even with the efforts of the Winston-Salem Downtown downtown .

The King said that communities, such as Winston-Salem, must "start thinking differently, more rationally, as businesses are doing."

It is similar to what it was saying by BB & T employees since 2017 in the early days, as well as 550 people attending the State of Economic Interest with Winston-Salem Commercial Rooms.

Although the King made his speech to interference and success, he did not mention the pending merger notice only two days later.

"It's not because your headquarters are here or not," he said to Winston-Salem Journal. "We could leave the headquarters in Winston-Salem and 5 percent of the residents leave and take the rest to Charlotte.

"People could say" We have the BB & T headquarters yet, but we lost all the posts. The headquarters do not just mean where the jobs are.

"It's wise, and it will benefit from all our market areas, not just Charlotte, Winston-Salem and Atlanta," he said.

Stan Kelly, president and chief executive of the Piedmont Triad Partnership worked with the King as chairman of the board.

"While this news is coming to a moment, I'm sure Kelly King and his team have made the best decision for Winston-Salem and your North Carolina in the long run," said Stan Kelly. "The new bank will be strong and will continue to support the communities it serves. Winston-Salem will continue to win the banking of the community, where BB & T has grown over the past 25 years.

"We have a professional and back-up talent for financial services so that our region will grow with the new BB & T".

National rank

BB & T could help achieve its reputation as super-regional banks very strong, but not on the same national national average with the four-billion dollar bank JP Morgan Chase & Co., Bank of America Corp. , Citigroup and Wells Fargo & Co.

BB & T is not the banking industry of Rodney Dangerfield because he found himself one of two major banks over the past 11 years without a quarterly loss.

But BB & T will not get the national media coverage on its quarterly earnings.

This is a story example when the national media, such as CNBC, CNN and MSNMoney, wanted to show the news on BB & T purchase, they used SunTrust images.

Transfer to Charlotte, one of the largest banking banks of the nation, will help to make your neck no. 5 US Bankorp to break through the cover slights.

King's Chief and SunTrust, William Rogers Jr, have looked at Charlotte with a bigger view when BB & T already has a significant operational and employment presence than to avoid a competitive market.

Rogers stressed that Charlotte's headquarters are not creating a "zero-sum game" for Winston-Salem or Atlanta due to the roots that both banks have formed into their respective communities.

"They will really stay, it's really important for our company," said Rogers, who is a corporate attorney with SunTrust as the King was with BB & T since the mid 1970's.

"Our home is home. We are going to invest in Winston-Salem and Atlanta. Charlotte is just part of an exciting portfolio," Rogers said.

John Allison, the retired chairman of BB & T and Winston-Salem's chief executive, still said, "Fortune 500 headquarters will lose" Personally Hate ".

However, Allison said that Charlotte's headquarters have "translated what you need to do to make an identical compound equally."

"It's a hit, but I'm absolutely hoping that the number of jobs in Winston-Salem and Atlanta will rise for the same reasons that Wilson's workforce (up to 2,200) was like the BB & T moved to Winston -Salem (in 1995), "Allison said. "This discussion will enable the assortment to progress with an exciting objective and future."

Using long-term

Tony Plath, a retired financial professor at UNC Charlotte, said he understands Winston-Salem is the loss in the BB & T-SunTrust combination and Charlotte is the winner. "

"I do not think that's the case," said Plath.

Do not estimate the potential for enhancing the community banking section in Winston-Salem, he said.

"This deal is like selling Wachovia to Wells Fargo in 2008, when Wells kept the retail banking hub in Charlotte, moving to wealth to New York and commercial business to the West Coast," said Plath.

Locally, Wells Fargo kept around 2,900 jobs in Forsyth County, just over 100 from when it took Wachovia. Its 32-county Triad West region has around 3,600 employees.

Wells Fargo has around 26,000 employees in the Charlotte area, significantly more than when Wachovia was adopted in 2008.

"Since the retail bank is the most intense employee of the business, there are more employees in Northern Wells than they do in San Francisco today," said Plath.

That is the fact that Pate's confidence is that BB & T-SunTrust will grow up its employment base in Winston-Salem and Atlanta.

"It will be much easier to play central to all of their retail infrastructures in Winston-Salem," said Plath. "If you do the math, this means that Winston-Salem will have around 13,000 employees in the retail hub when the dust decides."

Keys to success

Winston-Salem and the Triad are doing "many of the things they need to make better competition with the Raleigh-Durham, Charlotte and Nashville area in the world," said Mark Vitner, senior economist with Wells Fargo Securities,

"Vitner is a major key to the success of the knowledge economy and creative industry information economy. These industries are required to attract a city cluster to colleagues from college," Vitner said.

He said that Winston-Salem and the Triad have "many of the important economic pieces" – major universities, airports, highway infrastructure – "Charlotte and the Triangle are growing fast, but they are less and more dispersed."

"The incredible candidates for Winston-Salem are on the hospitals and universities. The investment made in the innovation quarter will pay for the end, but it will take time."

Zagros Madjd-Sadjadi, economist professor at Winston-Salem State University, said "Losing a corner crown" and some branches due to consolidation efforts will be the overall denial of the local community in the short term.

"The ultimate result is a reduction in competition, job reduction and high quality reduction for the entire city. Charlotte's loss is effectively our loss," said Madjd-Sadjadi.

New home

Charlotte's headquarters at the bank has already been combined by industry analysts about how it can be saved in a community that already has a headquarters for Bank of America and Ally Financial, as well as the East Coast hub for Wells Fargo.

"It will be interesting to see that they will fulfill their strategy to create a new neurological headquarters in Charlotte, as they are now based in Winston-Salem and Atlanta," said Jordan Sternlieb, a director in West Monroe Partners financial services practice.

"There are likely to be some logistic challenges, because the banks are trying to choose something new than any current operation or the other.

"This is an issue across integration, which could have challenges with decision making, functioning, logistics and speed to get synergies," Sternlieb said.

Richard Rogers, with 10X Risk Risk LLC, said it was unavoidable for BB & T, more than SunTrust, to find Charlotte was too appealing to his headquarters.

"More bank CEOs recognize over time that they need scientists and technologists to obtain first class data that can be trained in a banking, in particular risk management," Rogers said.

"Today, only a few megabanks are attracting talent successfully from Google, Amazon and Facebook. Soon such competitors have banks such as the emerging industry."

Rogers said that the decision to put a technology center in Charlotte could be as important for the combined banks and the moving headquarters.

"I believe Charlotte was chosen once and because the King and Rogers know that Charlotte has advised of banking and banking technology," said Rogers.

"By choosing Charlotte, the two CEOs have made it clear that Winston-Salem nor Atlanta does not have strong answers to long-term talent needs.

This era will use Big Data to reduce costs and improve risk management practices by detecting its potential, "said Rogers.

In saying that, "Rogers said" I can not recall time in the history when two large banks came together and decided to find their headquarters in a third city.

"The decision not to put the headquarters in the hometown of one of the two banks was not very difficult.

"Although I have never been a fan of equality in a banking, the decision of finding the new headquarters in the third city shows me that the management and directors of both banks are happy to make rigorous decisions that the best successful bank gives.

"The directors of BB & T and SunTrust are a credit that they have put behind the public pride and have put a path into the future."

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