Why do companies lose their names and adopt their initials? In some cases the original name becomes obsolete. AT&T doesn’t worry about telegraph anymore. A computer company named COLECO made more sense than The Connecticut Leather Company.
It’s not always that simple, especially for banks! Some of them seem go to initials to hide their real name from customers who’d rather “Buy American.” I was thinking about this after seeing a commercial for ING Direct during the Mets/Phillies game (don’t ask).
- HSBC: Hongkong and Shanghai Banking Corporation
- TD Banknorth: Toronto Dominion
- ING Direct: Internationale Nederlanden Groep
These banks are doing nothing wrong or illegal, but I’ll bet few of their customers know where the home office really is.
I’d rather belong to a credit union.
I miss the days when TD BankNorth (it might be only TD Bank now) was our local home grown Dime Savings Bank in Wallingford!
Always wondered what COLECO stood for.
Go Phillies! (Don’t ask.)
Ya missed the main point: AT&T, today, isn’t in any way the company we knew as AT&T up to 1984 (the anti-trust disgorgement). It’s a re-monopolization by Southwestern Bell, the evilest of the Baby Bells.
Excellent info as always, Geoff! I knew about HSBC, but not where TD Banknorth or ING Direct were from. I learned something new today. Guess I’m not too old yet.
I had no idea what those companies initials stood for. Never really thought to look. My question is why can’t a local bank stay a local bank? Why do they all have to sell out to the big guys?
my favorite is ESPN – Eastern Sports Program Network (something like that, too lazy to google it)
I have noticed in some commercials that even companies with fine, easy names are going to initials. It may be easier for them, but the consumer loses any sense of a company and its identity. I’d much rather do business with Abe’s Beautiful Cats than ABC.