Friday, August 15, 2008

Please don't leave SunTrust!

SunTrust continues to act like it is getting ready to be sold:
Atlanta’s largest bank on Aug. 5 eliminated its noncompete clauses from agreements that outline how company executives will be compensated, and can compete against SunTrust, if the bank is sold.

The move has re-stoked outsider speculation that the bank is continuing to prepare itself for a sale. It comes on the heels of the bank selling roughly $1 billion in stock of The Coca-Cola Co. through a series of transactions. Some view the Coke stock deals as clearing the path to a possible sale.
Now, there is plenty of stuff in the article suggesting that there are perfectly good reasons for the change in policy completely unrelated to SunTrust being sold. So, you could see this as much ado about nothing.

To be honest, I'm only really interested in the story as an excuse to complain about one of my favorite topics - what is left of Atlanta hegemony in the Southeast. I've said it before, but I'm still pissed that Five Points is no longer the center of banking in the Southeast. Damn you North Carolina!

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