Monday, October 1, 2007

B of A - LaSalle acquisition closed: net loss of jobs, but a gain for CRE?

Bank of America has completed its acquisition of LaSalle Bank, and the stories in the news all report that thousands will lose their jobs as a result. That comes, of course, as no surprise at all.

It looks like one good thing may come out of this for the dirt folks: B of A is moving its commercial real estate operations to Chicago, and I applaud them for doing that. There are some super pros at LaSalle and having this at least cushions a major blow to our banking business somewhat. I'll be interested in hearing from borrowers how dealing with the B of A unit will be compared to how things are today.