Quote:
Originally Posted by innerSpaceman
I feel bad for Alex and for zapppop, you are both likely to lose your jobs.
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Don't cry for me Argentina. I still have a job.
The merger was brought to my attention last Friday by my co-worker, Sean. Citi met w/ Wachovia to begin negotiations of a potential merger. Over the weekend things moved quickly and an agreement was made early this morning. Wachovia (unlike Washington Mutual / 'Wa-Mu') didn't fail but was encouraged by the FDIC to merge w/ Citi. The merger will be a $42 billion loss for Citi. Wachovia suffered a loss of $15 billion earlier this year but that was mainly due to the bad home loans that were acquired when Wachovia bought out Golden West. The merger won't be finalized til the end of the year. Some of the bank employees might get laid off.
So what does this mean for me ? Not much (at least for now). Though Wachovia Bank is having it's bank woes (like all banks right now), my company, Wachovia Dealer Services, is continuing to generate more & more revenue. Each quarter we set a new record high. Though we're only a small part of the Wachovia Corp. we're very successful. Citi has an auto finance division but it's much smaller than ours. There doesn't seem to be much cause for alarm where I'm at. So for at least the next 3 months it looks like it'll be business as usual.