mood in Charlotte

[Channing]

Wasnt sure if this belonged on the PPB, but since it isnt discussing policy per se, I thought I would leave it here.

Now that the CITI/Wachovia deal is a few days out, what is the mood in Charlotte? Are people just waiting for operations to be shifted to NY?

Sorry to bring up such a downer of an issue.

[Kdogg]

Wasnt sure if this belonged on the PPB, but since it isnt discussing policy per se, I thought I would leave it here.

Now that the CITI/Wachovia deal is a few days out, what is the mood in Charlotte? Are people just waiting for operations to be shifted to NY?

Sorry to bring up such a downer of an issue.

I thought they were keeping the retail banking business in Charlotte. The investment arm though will be in NY. There will be a fair amount of job losses on both sides though.

[CLT Devil]

Its really a sad mood here. Many of my banker friends know they will be replaced eventually.A group of them stayed up all night getting together a presentation for CITI on why their group should be kept together in the future...scary stuff. I'm in real estate and this was yet another big blow in an already saturated market.

Lots of other sectors are cutting jobs as well. Being a native Charlottean I've never seen anything like it. Our growth was slow and steady and seemed to be safe from a lot of the factors that have hurt so many other cities. In the lonh run it's hard to say exactly what impact it will have on the city as a whole. We are keeping the branch banking and some of the investment parts of Wachovia, but who really knows what will happen. I talked last night with a man who was high up with Wachovia for 26 years and now runs the United Way as interim CEO, as well runs the Wachovia Golf Tourney...he helped to put things in perspective, but also said it was like losing an old friend, I have to agree.

Thanks for your thoughts. CLT is still a great place to live and work, but there are more people affected by this than a lot of outsiders realize.

[BCGroup]

The mood is very somber. Many of the folks in my church work at Wachovia, and they just don't know what to expect. It seemed to change so quickly, it just blindsided many people. The lack of gas, although minor in comparison, seems to be exacerbating the problem--just raising the fear mode.

[YmoBeThere]

Potential game changer as Wachovia has this morning announced a deal to be acquired by Wells Fargo for $15.1 billion in stock. Certainly a better deal for shareholders than what they were getting from Citi.

[Channing]

well, from what I can gather, this deal is to merge with the entirety of Wachovia, not just a few pieces of it. That certainly explains the higher purchase price. This really does change the game, because Wells Fargo is a West Coast company. Hopefully they see the advantage of having a strong presence on both coasts and leaves everything right where it is.

[hurleyfor3]

This really does change the game, because Wells Fargo is a West Coast company. Hopefully they see the advantage of having a strong presence on both coasts and leaves everything right where it is.

Wanting a West Coast presence is precisely what got WB in trouble in the first place! Well, that and trying to do it at the top of the housing bubble.

So much for Charlotte being the Economic Engine of the New South, or whatever it calls itself. Maybe I can pick up one of them mansions on Queens Road on the cheap.