What do you all think this deal will mean for the IB, research, CM, and instuitional divisions for AG Edwards?
Also, anybody care to add their analysis of the impact the pairing will have on Richmond and St Louis?
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Wachovia/AG Edwards merger
by CassMan
(Monkey,
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wachovia is based in
wachovia is based in charlotte not richmond
Wachovia Securities is
Wachovia Securities is headquartered in Richmond, which is the division that will consolidate AG Edwards, and is moving to St Louis.
Wachovia / AGE
Its been a while since the last post here but you all have probably seen the news. All but 7 or 8 equity research analysts were let go as part of the integration and most of banking (ex-energy and private placements) were wiped out as well. I-bankers that are being let go have until December 4th, I think.
I think they may have also kept public finance. I'm not sure about the other areas but any position that was redundant with Wachovia was likely eliminated.
In terms of the impact to St. Louis, this is just another in a long string of bigger companies to leave or downsize operations. The additional jobs created by moving back office staff to St. Louis won't be enough to compensate for those in research, corp finance, public finance and cap markets. Higher paying jobs are being replaced with lower paying ones. Net net this is not good for St. Louis.