Thursday, May 25, 2006

The rumors were true

Assuming the feds approve, Birmingham soon will change from the home of two fairly large banks to the home of one really huge bank. Jobs will be lost, of course, but you already knew that.

5 Comments:

Anonymous Poser said...

Jobs will be lost... oh well. S--- happens. Now, whenever there just happens to be a list of "The Nation's Largest Banks Ranked by Assets," everyone will see Regions in Birmingham.

6:29 PM  
Blogger Alabamian said...

Even with the job losses, the merger still likely will be good for the state in the long run.

11:50 PM  
Blogger smokinQ72 said...

Welcome to "Big Bidness" bama!!! Healthsouth, Enron, Haliburton, KBR all cut from the same mold. Wachovia is doing the same thing throughout the rest of the South and Eastern part of the country. Small business built America, but "Big Bidness" bought it. And how pray tell will it be "good in the long run" for the state to eliminate competition? Economic principles don't support that statement much less provide any value to it, except that the big got bigger.

3:49 PM  
Blogger Alabamian said...

Big-time mergers and acquisitions are the order of the day in the business world lately. That's held true during both Democratic and Republican rule, and regardless of how anyone feels about that pattern's effects on consumers or workers, the consolidation trend likely won't change any time soon thanks to the corporate money that flows like wine in Washington.

Both AmSouth and Regions were seen widely as prime targets for acquisition by larger banks in the next few years. Their merger means Alabama will keep the headquarters of one big bank (if not forever, then at least for a while) instead of losing the headquarters of two mid-size banks to out-of-state companies in the near future.

1:10 AM  
Blogger King Cockfight said...

I solemnly invite all the soon-to-be unemployed to filter into rural West Alabama, where we are now within an at least two-hour drive of two Olive Garden locations, and offer numerous job opportunities for former bankers who have no problem with cleaning and embalming corpses, both human and otherwise.

Because while the opportunities slip away in Birmingham and Tuscaloosa, we here in rural West Alabama can proudly say, "Hey, look at all the f---ing trees!"

3:29 PM  

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