Word: morganization
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...city is now the nation's No. 2 financial center behind New York City. In early September, Bank of America, the behemoth of North Tryon and the largest U.S. bank, swallowed the beleaguered investment firm Merrill Lynch, while Wachovia, its competitor on South Tryon, considered a merger with Morgan Stanley. And while the rest of the country is sinking, Charlotte is soaring, with 28 construction cranes downtown. It's got the nation's least-battered metropolitan-housing market, lowest office-vacancy rates and fastest-growing airport. It hosts the NBA's Charlotte Bobcats and the NFL's Carolina Panthers...
...understand Charlotte, you have to understand our ambition," says chamber of commerce head Bob Morgan. "We have a serious chip on our shoulder. We don't want to be No. 2 to anybody." Civic leaders often compare their city to New York, Chicago, and even London. On Sept. 11, 2001, McCrory notes, with a sly grin, that local banks swiftly evacuated their skyscrapers: "Everyone in Charlotte assumed we were next...
...stability than financial innovation, and the government will have more responsibility for the financial system,” he said. Clayton S. Rose, a senior lecturer of business administration at the Business School and the former head of the Global Investment Banking and the Global Equities Divisions at J.P. Morgan, called the regulatory changes at Goldman Sachs and Morgan Stanley “significant.” “The reclassification of Goldman Sachs and Morgan Stanley was not a voluntary exercise,” he said. The Fed and the Treasury forced the changes on both firms...
...Morgan had the opportunity to potentially pick up businesses that were extremely profitable,” Bergstresser added, “but the question then and now is whether it was worth the risk that was taken on as well as the price paid for Bear. That remains to be seen...
...Talented employees will go elsewhere and clients who don’t want to deal with the turmoil will look to other firms to do business,” Rose said. “In addition, there are big cultural differences between Morgan and Bear, and solving these issues is a big exercise of time and attention...