Deaconblue
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TITCR, but I'm sure the initial big contributors were not made aware of the B-school administrations plans. Enrollment was down and they were struggling to get the students with the US News metrics they needed to jump up in rankings. Doesn't help that Winston is also a smaller city with less opportunities to network/intern with big companies down the street, compared to say Duke which has the research triangle or schools located in NY, Chicago, LA, Boston, San Francisco, Dallas and Houston.
Losing Wachovia indirectly hurt the Wake MBA program because that eliminated a corporate HQ that could provide connections.