Possible Sale of NCB
It's being reported that Cleveland based National City Bank is looking for a possible buyer.
What are your thoughts on the possibility of a potential impending sale?
What are your thoughts on the possibility of a potential impending sale?
posted by lbarr at
4:00 PM
36 Comments:
I have banked with National City for nearly 30 years. I am so weary of the constant changing of Banks these days-NOTHING can be counted on anymore
This was inevitable.
They expanded too fast and are much too top heavy in management.
This was inevitable.
They bought up too many banks too quickly. Putting hundreds out of work.
Their fee structure is outrageous.
They are very top heavy in management with perks.
They give very little back to the community.
WHO CARES ??????
Well it's not a suprise. Their stock has been down for a while, and frankly maybe another bank will bring a new and better perspective to Cleveland. Their mgmt structure is poor, top heavy and greedy based on the executive salaries and recent layoffs.
So, the question is who purchases this mess?
This post has been removed by a blog administrator.
As an employee, I feel this has become inevitable. The hierarchy is bloated and has padded their pockets on the backs of thousands of over-worked and under-paid for too long. The decisions made that lead to the mortgage fiasco is another example of slitting the throats of employees for a quick buck. Do you know where I can send my resume?
They give a lot back to the community, contrary to another's post. And also - I care! When you have someone in the family employed there, this hits closer to home.
National City is a good bank with a long Cleveland tradition. Let's support them rather than running another hometown company out of town!
So will the rumors the past few years of a Key Bank/National City Bank merger may actually come true? From a NE Ohio Citizen
Who didn't see this coming?
Key Bank is next!
US Bank, BOA, Wells Fargo, and Wachovia will dominate banking and one of them will indeed purchase National City.
National City Bank, the "next stage?"
This is all rumor and just that. National City has already commented that this is rumor. Goes to show one should no the facts before speaking out loud. No truth to this.
Also, National City gives back to the community in many ways and is extremely good to their employees. This is one the of the best banks and it would be terrible if another bought them.
Where are all of the jobs going to go? More people leaving Ohio?
Funny .. I interviewed with them a year or so ago for a top IT spot, and specifically asked about job stability in the era of constant bank buyouts and was told :
"we're one of the largest banks, so unless it's Citibank or some-such, we're not at risk of that .. but if it does happen .. all bets are off".
I'm happy to say I stayed where I was at!
Cleveland would be so lucky to have Wells Fargo buy NCB. At least they are stable. NCB should of merged with someone long ago....Its only a matter of time before Key is next. Citibank anyone? Looks like more empty office buildings downtown. Cleveland cannot compete with financial institutions from the east and west coasts.
National City has long offered the most costly savings and checking accounts in our area. I never understood why some people accepted such expensive fees. Finally, it looks like people are shopping around and finding the grass is much greener on the other side of the fence.
Sorry, but I feel they have taken advantage of our community for too many years. Now it's time to pay the piper.
Why did the bank buy up other bank institutions in the South? I think they went to big to fast. Also,when the higher ups leave they give to much of a severence package and stocks. No one in the Ceo or president or vice should get 3 or 4 million dollars and stock options. I have been a long standing customer over 30 years.It's a shame what is happening.
After Goldman sold off their most valuable assets to raise capital... what is left?
What we are facing is another empty office building in Cleveland. If NCB is bought, it won't be long before the headquarters is shutdown and the people are laid off.
I used to work at National City down on East 9th street and I really don't have anything nice to say about them. They are definitely much to top heavy and they don't care about the "little guy". I am glad I got out when I did!
There is no loyalty or job security any more. We are victims of faceless corporate mergers and buyouts like never before. You can have the best pedigreed education and degrees, tons of experience, and still lose your job. Is it any wonder we are increasingly cynical, alienated, neurotic, and turn to anti-depressive meds? Read 'The Sane Society' by Erich Fromm. GREAT book! NEXT corporate buyout please???!!!
I worked at National City for almost a 2 years. In that two years I met alot of tremendous people. There sales agenda is never wrong. There not trying to, "sell the house", there trying to make things better for the consumer. I think if anyone should go from National City it's their Loan agents who spread their consession margins. In the equity department we had one or two products that we used and that's it. When you get into home mortgages their are so many different options that are available I think even the Loan officer gets confused. That's a gorgeous building they have downtown and should still be seen as National City.
Past Employee
There is something to be said for a family owned bank...Amtrust Bank ROCKS!!
This bank needs to be bought.
They do not care about their employees at all. If they did when they laid off thousands they would've help them find another position in the company. Didn't happen. Earlier this year the exc secured their future with their very nice severance packages should something happen. hmmm. think about it. Better than the normal worker would ever dream of getting.
I feel bad for those who work there and believe senior management - THEY LIE!
Plus NCB really isn't competitive. Other banks offer must better products.
The CEO's of large multinationals
are bleeding America dry...who can u trust today....NO ONE!! ...If you have an ounce of common sense...Don't worry .... soon things will be worse... MUCH WORSE.
Who cares!
Curious about the implications for the Joe Average bank customer.
Losing another national headquarters (in the case of an out of state buyout)would be a hit for our beleaguered city. The daytime traffic on East 4th would be reduced also.
Could this have been prevented?
I would advise anybody with large sums of money in National City to take as much money out as you can. Leave just enough money in there to pay your bills, but no more; ABNKS ARE NOT SAFE!!!! The interest rates they give is pathetic; even the CD at 5% for 48 months doesn't include how much you'll have to pay in taxes much less knowing that 5% is WAY below the TRUE rate of inflation which is at about 10 - 12% per year. Don't believe that FDIC insured crap either; why do you think the FDIC is trying to rehire the people who retired from them? These re-hires are people with the experience from the Savings and Loan disaster/bank failures of just a few years back. Do you think the FDIC and insure ALL the banks across the US?
This news doesn't suprise me at all. As an ex-employee who was cut in August due to the mortgage mess, I learned that loyalty and job security mean nothing when you are an NCB employee. My thoughts are with all the current NCB employees.
I am a 96 year old man. I do not believe in banks. Nope. Nope. Nope. Haven't believed in banks since the Great Depression of '29. I keep all my money hidden at home. One thing though, I wish I could remember where I hid it.
While it would be sad to see yet another Ohio bank get gobbled up, it appears their time is near. Hopefully, Wells Fargo will be the buyer. It's the most stable bank in the US and employees will hopefully keep their job since they have no real presence here.
I work at the bank, and sadly I can say that I saw this coming for awhile. Other posters have commented on the fact that the bank has way too many generals that have little experience on the battlefield. Most of us are under paid and are forced to routinely do overtime just to stay make it. Plus many of us recieve raises that don't compete with inflation/gas prices. Most of us have given up.
It's not as simple as saying who cares. Many good people, that did not create the mess will lose their jobs. The share price of the company has gone down in value, so while you might be smug in thinking you don't own any of the shares. But, go to yahoo finance and look at National City's largest shareholders, and you will find that one of the largest holders is the fund company called the American funds. Today 1 of 10 people in the US own an American fund. So while you may think you don't care, take a look your 401k report, you probably do own some National City.
As a former TWO TIME employee, and sadly a current shareholder, I would say that I wouldn't bank there, they lost sight of "service" and really don't treat their employees well. My contention is that it is a broken company and a broken stock. I have several friends who work there and they are resigned to losing their jobs--just marking time. I haven't met a person who cares about working for the company or doing a great job for their customers and shareholders. Management is busy basically fleecing the shareholders, slashing the dividend and now they want to quit and get "taken under" by some white knight. I'd consider averaging down on my stock but not with the current lot in charge and the very strong possibility that it will go for alot less than $10/share. Very special thanks to Peter Raskind and Dave Daberko!!!
I find it hard to care about what happens to Cleveland when NCC gets whacked. They really jacked us up in Kalamazoo a few years back. Turn about is fair play!!!!
I hear JP Morgan Chase is interested. I will no longer be banking there if bought by that corporate giant. They are the ultimate in corporate greed. JPMC is too big and cares nothing for their customers. Come to think of it, NCB would fit right in!
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