I read are going to be the heaviest impacted.
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The new people out of NYC especially in tech are so useless. In Charlotte the ones that came from BofA in the risk and control are equally as useless. They know squat about risk and especially control. Epic failures with BPM and their ability to guide the business and staff function teams to even identify risk and write good controls.
@evo+16DvAKTa Yeah, pretty spot on. NY has good people surely b/c there is talent there from other firms. But they're not necessarily any smarter or better than folks in any other core cities. This whole NYC is the best is just arrogance.
The other core cities will probably continue although CLT for a short time there was a maintain city vs. grow at least from a tech standpoint. There's only so much talent in the CLT area, and space of course. SFO is an absurdly expensive city to have a lot of real estate in– you'd think they would at least move out some or grow elsewhere.
What's funny though is many new hires aren't in a core city and aren't moving anytime soon given COVID. So it'll be rather interesting to see what Saul and others do given the pre-covid policy of moving everybody to core cities and offices 10 get closed down. Lord only knows how much money the company will be forking over for relocation packages.
New Yorkers the smartest? Maybe some are smart but I had the pleasure of working up there from 2015-2018 and for every talented person I met there were 3 not so talented people. Its the same everywhere. I wised up and moved back south making the same salary with a house twice as big and half the price.
San Fran is done long term. why would we want to keep paying some of the highest wages in the world. Any city that doesn't have a significant presence is done as well. NY, AZ, NC and MN are going to be about all that's left. Not all jobs will be eliminated but you'll be told you have a job in X and if you want it move there at your own expense with maybe a token relo benefit for managers and above if they really want you.
Menial jobs will be automated or just plain outsourced to a 3rd party.
Dang Dudes... I sense some geographic tension here. Can’t we all just get along?
Yeah wells is really going to move out of the banking capital of the south while the property is still relatively cheap. If anything Charlotte is going to be the new hub city..
@afa Donny, is that you? Considering the level of bull about NY, it has to be.
I work in the brokerage unit in St. Louis. AG Edwards &Sons was acquired by (East coast based) Wachovia In September 2007. The Wachovia managers marched in to St. Louis, some so very pretentiously wanting to teach us “how the real firms do it.” They spent money lavishly, all the while aggressively taking services away from our Financial Advisors who are the Golden Goose of the business. Some people were truthfully great, but many had quite the “I’m so much better than you“ attitude. End of story: one year later there was a run on the bank and our stock was trading less than $1. Complete and utter failure of epic proportions. Sound familiar?
My point is that the big talkers are usually those with the least amount of talent/intelligence/skills. All swagger and false promises. Some of the best leaders I’ve had the pleasure to work with know that their job is to help their people realize their full potential and inspire excellence in others. They had too much integrity to be boastful. Talk is cheap. Show me the results.
Jealous of New York.
@afa did you type that with a straight face? New Yorks numbers were BAD. You are either an id–t or not from NY – or both.
@afa You need to re-look at the NY COVID numbers again. Your state can't even control a virus with your massive brain power. Sad, really....
Charlotte is the #2 banking capital in the country and BOA, our largest competitor is als in Charlotte. I think it makes sense to make Charlotte the headquarter. I don’t see Charlotte getting smaller bc of BOA being here too, and Charlotte isn’t the most expensive city. Also, Charlotte is area 2, as is MN. New York is area 0 (most expensive) the. San Fran in area 1. NY and San Fran have crazy high taxes too. Those areas don’t make sense to beef up.
@xgn. That's right. They are low. Choke on that.
@num Yeah, we could all tell that NY are the brains of the U.S. by all of your COVID numbers.
@fi, NYC is where it's at. If you can't make it here, you can't make it anywhere. We're the brains of the US.
@fbx: Could you enlighten us less-talented midwesterners about which problems, exactly, the New Yorkers have solved? Seriously- give us the hard facts to back up your claim.
@fbx Oh Charlie, you aren't a firefighter, just another elite Harvard POS.
Seriously, WTF is wrong with you New Yorkers? You all think that you are the best of the Nation. But you aren't. NYC is not the most important part of the U.S. despite what you mo–ns think.
@fbx+16DvAKTa lol, NYC and "Problem solvers". Yeah, I don't see many problems being solved by really expensive people out of the NY area. The tech control exec that got abruptly dumped last December brought in a bunch of NY people, built a big org and frankly did nothing. (any wonder why he's gone?).
Oh, really ? NYC is where we had the most percentage staff increase in the last 15 months. That is where the talent is. That were the problem solvers are coming from . If you are in Iowa reading this, you may not like the story but that is the reality . And no, these firefighters are not getting fired .
there is a certain level of job at which salaries become "flat priced" - there is no regional differential. CEO, Op co, their directs, and some levels below them (varies depending on what part of the firm) are all priced as national jobs. The NY hiring so far has all been in these upper echelons, and doesn't cost the firm more because they are in NY. They aren't building out operations sites in NY, or adding branches - which would have to pay differential.
Jeez. Give the OP a break. They read that somewhere so chill.
Ok captain obvious. They're the largest cities with people in them. There was a article talking about how Charlotte has the most of any city. Not surprised given the ton of hiring done there over the past few years (and the Charlotte clique that goes along with it)
The company never should have been hiring so much in NY either. All this talk of expenses and at one point even saying no hiring in zone 0. So do they do? Hire a c-ap ton of people in zone 0.
I read the tea leaves, and India will not suffer layoffs.
Highest salary areas?
Well duh
What's your source?