Author Topic: Wachovia/Wells Fargo Fla. HQ Slipping from Jax  (Read 7348 times)

stjr

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Wachovia/Wells Fargo Fla. HQ Slipping from Jax
« on: December 10, 2009, 01:59:18 AM »
Losing railroads, insurance, and, now, more banking!  And, even the Hanjin deal is up in the air.  When do we realize it's time to attract quality jobs by improving our quality of life, not dismantling it on the cheap.

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Miami becoming center for Wells Fargo Florida operation
By Zachary S. Fagenson
   Although Wells Fargo won't abandon Wachovia Bank's Jacksonville headquarters as it converts its new subsidiary's branches to its own, Miami is playing a rapidly expanding role for the bank statewide.
   In January, Wells Fargo relocated Regional President for Los Angeles Metro Shelley Freeman to Florida to oversee the megabanks retail, small business and business banking arms. For nearly the past year, she's been running the bank's statewide operations out of the downtown Miami Wachovia Financial Center, and it seems she'll be doing so in the future.
   "Once Shelley came in January from Los Angeles to her new role she kind of established Miami as the new headquarters," said Wachovia spokesperson Kathy Harrison in a telephone interview. "That being said, Jacksonville used to be our headquarters here and frankly I think it's important to know that a number of leaders, especially heads of lines of business, still sit here in Jacksonville."
   Wells Fargo purchased Wachovia in late 2008 for about $12.7 billion. The move saddled the San Francisco-based bank with billions in mortgage and real estate loans but also made it the fourth-largest bank in the country by assets. Wells Fargo now has the nation's largest branch network with more than 6,600 offices in 39 states and Washington, DC.
   And in Florida, Wells Fargo gained 740 branches and $71 billion in deposits while in Miami-Dade County, the bank has 65 offices and about $10 billion in deposits, giving it No. 1 market share both here and statewide.
   The statewide executives in Jacksonville include the heads of Wachovia's commercial banking, business banking, wealth management, Wells Fargo Home Mortgage and community development divisions.
   And for the foreseeable future, they'll be there.
   There's "no plan in place to relocate them to Miami," Ms. Harrison said. "We have a very large presence here in Jacksonville — not only those leaders, but an awful lot of team members."
   Meanwhile, Ms. Freeman is joined in Miami by the statewide heads of finance, recruiting, learning and development, marketing, and operations.
   And as the total conversion of Wachovia branches to Wells Fargo stores, slated for 2011, nears, Ms. Freeman is going to encourage new Wells Fargo executives to locate here.
   For "those leaders based in Jacksonville, there is no plan to relocate them to Miami," Ms. Harrison said. "However new leaders that have come on board, and there are some that have come on board this year, [Ms. Freeman] will encourage them to be based in Miami."


http://www.miamitodaynews.com/news/091210/story4.shtml
« Last Edit: December 10, 2009, 02:01:51 AM by stjr »
Hey!  Whatever happened to just plain ol' COMMON SENSE!!

vicupstate

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Re: Wachovia/Wells Fargo Fla. HQ Slipping from Jax
« Reply #1 on: December 10, 2009, 05:15:06 AM »
Not good.
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thelakelander

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Re: Wachovia/Wells Fargo Fla. HQ Slipping from Jax
« Reply #2 on: December 10, 2009, 06:50:31 AM »
Not good, but not suprising.  

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When do we realize it's time to attract quality jobs by improving our quality of life, not dismantling it on the cheap.

That's the key.  The world around us is changing.  Companies value the quality of life of a community just as much as anything else.  In the upcoming election, Jax needs to find a candidate with a vision and not a platform based on maintaining status quo or getting our financial house in order.  Maybe its just me, but at a minimum, I'd expect those things.
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buckethead

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Re: Wachovia/Wells Fargo Fla. HQ Slipping from Jax
« Reply #3 on: December 10, 2009, 09:03:46 AM »
Not good, but not suprising.  

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When do we realize it's time to attract quality jobs by improving our quality of life, not dismantling it on the cheap.

That's the key.  The world around us is changing.  Companies value the quality of life of a community just as much as anything else.  In the upcoming election, Jax needs to find a candidate with a vision and not a platform based on maintaining status quo or getting our financial house in order.  Maybe its just me, but at a minimum, I'd expect those things.
Absolutely true. Persons making decisions about where to do business will take into account whether they desire to live or visit the potential site and it's surroundings. Logistics overrule all, but most often logistics are feasable in a variety of locations/environs.

mtraininjax

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Re: Wachovia/Wells Fargo Fla. HQ Slipping from Jax
« Reply #4 on: December 11, 2009, 09:55:05 AM »
I know other people out here can post pictures of logistics and railroads and bridges and cars, and all sorts of logistics things, but can they please post a picture of a bank? I feel lost without one.

If Wells thinks the business community is better in South Florida, fine, move the operations. I'd rather have Everbank and Fidelity here, two of the strongest banks in Florida and grow from there. Jax Bank was also mentioned as a very strong bank. Sure we have our issues, but not nearly as many as south Florida. Could be they are positioning themselves for more geographic takeovers in South Florida. I would not read too much into this.

Too bad First Union caved to Walk-all-over you. Some days, I wish Ed Ball were still with us.
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FLDrifter

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Re: Wachovia/Wells Fargo Fla. HQ Slipping from Jax
« Reply #5 on: December 11, 2009, 04:10:11 PM »
Jacksonville is competing based on price. At some point, quality matters. Our biggest competitor is over sees. Call centers like British Airways, Comcast, Fidelity, Everbank will move if Jacksonville is more expensive then Bangalore. It is time to lower taxes to make Jacksonville competitive again.

mtraininjax

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Re: Wachovia/Wells Fargo Fla. HQ Slipping from Jax
« Reply #6 on: December 11, 2009, 04:21:48 PM »
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Jacksonville is competing based on price. At some point, quality matters. Our biggest competitor is over sees. Call centers like British Airways, Comcast, Fidelity, Everbank will move if Jacksonville is more expensive then Bangalore. It is time to lower taxes to make Jacksonville competitive again.

Not just Jacksonville competing based on price, every mature economy competes with the younger economy over people, raw materials, and growth. While the US slides backward, India, China, and Africa are ramping up and moving forward. In 20 years, many economists expect China to dominate the world in ways the US had over the last 100 years. All based on consumption and growth. Can the US compete in businesses that are now commoditized and can be performed cheaper overseas? Absolutely not.

I seriously doubt you will see new call centers in Jacksonville, not only because they are low-paying unskilled jobs, but because the cost to have someone in India perform it is so much less than here in Jacksonville. The cost to manufacture anything that is a commodity, cars, apparel, furniture, technology, forget it, its all being sent overseas. The knowledge and brain power to build the items, since its a new item, are in the US, but overseas markets are catching up.

The US cannot compete with overseas over commodity items. We are going to have to create new items that are harder to duplicate overseas. What it will be I do not know.It will not be call centers.
And, that $115 will save Jacksonville from financial ruin. - Mayor John Peyton

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JeffreyS

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Re: Wachovia/Wells Fargo Fla. HQ Slipping from Jax
« Reply #7 on: December 11, 2009, 04:22:18 PM »
No it is time to recruit companies on quality of life. Companies who just wring what they can out of an area do not add as much. Taxes are not cheap in NYC and Chicago but they have good corporate involvement.
Lenny Smash

mtraininjax

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Re: Wachovia/Wells Fargo Fla. HQ Slipping from Jax
« Reply #8 on: December 11, 2009, 04:36:55 PM »
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No it is time to recruit companies on quality of life. Companies who just wring what they can out of an area do not add as much. Taxes are not cheap in NYC and Chicago but they have good corporate involvement.

Let's take these one at a time, cause its a good comment. I agree with you on QOL for peeps. Look at the hotel industry, the people willing to clean most rooms are now earning min wage or less and treated like dirt, because businesses were allowed to bring in cheaper labor. What would happen to hotels if we came in and said you had to get labor at a living wage? My guess is that many would go under, due to higher labor costs. Jobs pay taxes and pay for roads, schools, new train depots. Could we afford to live without these jobs, in our way of life?

NYC and Chicago, along with many other cities in the North were inhabited long before Florida. I heard last night that in 1950, the entire state of Mississippi had more citizens than all of Florida. Then in the mid 50s, AC was available to the mass pop in FL. It changed the state, people could tolerate the heat, build education systems, and grow the Floridian economy. We chose tourism and real estate as our basis. What came about were ancillary businesses to those two main economic choices. Banks, insurance, with real estate, and then hotels, restaurants, with our tourism. I love where we are today, many good years left in our great state.
And, that $115 will save Jacksonville from financial ruin. - Mayor John Peyton

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-Mayor Alvin Brown on new video boards at Everbank Field

vicupstate

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Re: Wachovia/Wells Fargo Fla. HQ Slipping from Jax
« Reply #9 on: December 11, 2009, 04:49:18 PM »
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I love where we are today, many good years left in our great state.

it may only be a blip, but FL has recently been losing population.  There is no guarantee that the boom will never end. 
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mtraininjax

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Re: Wachovia/Wells Fargo Fla. HQ Slipping from Jax
« Reply #10 on: December 11, 2009, 05:05:10 PM »
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but FL has recently been losing population.

Every great civilization undergoes a bump in the road. The GDP of Florida and budget rivals that of many countries in the world. Still no State Income tax, and hopefully never will either.
And, that $115 will save Jacksonville from financial ruin. - Mayor John Peyton

“This is a game-changer. This is what I mean when I say taking Jacksonville to the next level.”
-Mayor Alvin Brown on new video boards at Everbank Field

stjr

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Re: Wachovia/Wells Fargo Fla. HQ Slipping from Jax
« Reply #11 on: December 11, 2009, 05:48:30 PM »
If Wells thinks the business community is better in South Florida, fine, move the operations. I'd rather have Everbank and Fidelity here, two of the strongest banks in Florida and grow from there. Jax Bank was also mentioned as a very strong bank.

Not sure which Fidelity you are referring to, Fidelity Investments or Fidelity National Financial, but neither are banks.  Jax Bank and Everbank are great local banks, but the two together are a mere fraction of Wachovia/Wells Fargo's Florida business, and could hardly be called anything close to an equivalent replacement.  Nor, could they begin to replace Wachovia's substantial (perhaps more than any other business in Jax) support of our non-profit community (including the Jaguars) that we derive from being a State HQ's for them.

California, even more than Florida, has represented a booming state over the last 75 years.  Yet, they are dealing with a lot more than a bump in the road today.  Growth is not sustainable and is not the way to improve our lives.  Investment in quality of life is.  Sometimes there will be growth (not to be confused with economic cycles) and sometimes there won't but, with a high quality of life, most of us shouldn't know the difference to any great degree.  At some point, a given society/community reaches a mature stage that defies significant growth.  See much of Western Europe.
Hey!  Whatever happened to just plain ol' COMMON SENSE!!

mtraininjax

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Re: Wachovia/Wells Fargo Fla. HQ Slipping from Jax
« Reply #12 on: December 11, 2009, 06:23:00 PM »
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Not sure which Fidelity you are referring to, Fidelity Investments or Fidelity National Financial, but neither are banks.  Jax Bank and Everbank are great local banks, but the two together are a mere fraction of Wachovia/Wells Fargo's Florida business, and could hardly be called anything close to an equivalent replacement.  Nor, could they begin to replace Wachovia's substantial (perhaps more than any other business in Jax) support of our non-profit community (including the Jaguars) that we derive from being a State HQ's for them.

Ok then, financial institutions, (FNF).....then. Everbank, however, is a bank, as is Jax Bank.

Super Banks such as BofA, Wells, they will be where the most action is, fine to let them go to Miami, more wealth per capita down there anyhow. As I said before, the end was near when First Union, which had a huge presence here, as well as Barnett, were ingested by the Super Banks. No one can replace what we used to have. But at that time, our port activities were nowhere near as dynamic as they are today. By the time we see port consolidation, another business will come along and sweep us off our feet as well.


You never know about Everbank, they do have a chummy deal with the Arena.
And, that $115 will save Jacksonville from financial ruin. - Mayor John Peyton

“This is a game-changer. This is what I mean when I say taking Jacksonville to the next level.”
-Mayor Alvin Brown on new video boards at Everbank Field

Ocklawaha

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Re: Wachovia/Wells Fargo Fla. HQ Slipping from Jax
« Reply #13 on: December 11, 2009, 09:56:00 PM »

I like the pictures too Mtrain... This one is for you. Location Silver City, California. It's REAL, the buildings were moved here from all over the gold and silver camps of Kern County (East of Bakersfield, in the Sierra Nevada Range). As the mines played out the customers drifted away, and today the whole collected city is a National Historic Preservation Site, and frequent movie property.

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To get an idea of just how vibrant Miami's international banking community is--and how important its links to Latin America--one need only to have walked among the exhibits of August's banking technology conference.

More than 70 companies from nations as diverse as India and Switzerland came to downtown Miami's Inter-Continental Hotel for the conference, which was organized by the Latin American Banking Federation and the Florida International Bankers Association (FIBA). There they touted their services in English, Spanish and Portuguese to bankers from Peru, Colombia, Argentina, Brazil and other Latin American nations: software to help manage cash accounts, payments, leasing, etc.

Indeed, Miami is home to more international financial institutions than any US city outside of New York. And while the names come from around the world, from nations as diverse as England, Germany, Israel and South Africa, all are here because of the Miami's connection to Latin America.

Jacksonville does not have the inter-American connections that Miami has, as a international banking center they command attention from the tip of South America to the Tundra of Canada. Do we even have ONE flight to Canada anymore? Jacksonville can't hope to catch Miami in this arena, and that probably goes for most South Florida Cities, as well as perhaps Tampa and Orlando, area's which both are showing a strong presence of Latin American financial institutions. Mercantil Servicios Financieros, Commercebank N.A. and Banco De Bogota, are all present in South Florida, Commercebank has over 40 locations.

Jacksonville's financial might has faded quickly since deregulation allowed a land slide of banking mergers to eat up all of the smaller institutions. Today we might best hope to retain our regional status, but we better be prepaired to give away the farm to make the deal so sweet they CAN'T AFFORD TO LEAVE! All we need is a little leadership and, well, um, oh, um...

FORGET IT!


OCKLAWAHA


tufsu1

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Re: Wachovia/Wells Fargo Fla. HQ Slipping from Jax
« Reply #14 on: December 12, 2009, 09:10:32 AM »
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but FL has recently been losing population.

Every great civilization undergoes a bump in the road. The GDP of Florida and budget rivals that of many countries in the world. Still no State Income tax, and hopefully never will either.

FL is the 15th largest economy in the world to be exact!