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Those of you quoting the 20K jobs.....the problem is that Citigroup only bought the banking portion, so how many of those 20K are actually banking or investing?
The rest of Wachovia is yet to be determined or bought out.
There is still a huge amount of uncertainty with much of that company.
The fall out from this could be well over what the Wachovia problem is. For example, my DH's firm audits Wachovia as their largest client in the auditing dept. in Charlotte. They may have to all go out of Charlotte. Thankfully, my DH isn't in that department.
I beleive when the new ceo stepped in they announced job cuts then. Are those job cuts included in those numbers that people are quoting on here, or are they additional job losses?
This is an interesting and scary journey for Charlotte Right Now!
One thing that I would have concern about is what will this do to the "money" in Charlotte. It seems like the bank is going to be sold very cheap. I would assume many people in Charlotte have a lot of Wachovia stock. Is it now worthless or more diluted? I am not a financial genious but I would think that could have a huge impact over time. The old CEO should really get in major trouble for this. Also, I read where Steel may be in trouble b/c he went on CNBC last week and said everything was ok. The stockholders are really going to get screwed.
Loves, you are correct: TAKE A DEEP BREATH PEOPLE!
Most of you are making it sound as though this is the is the fall of the Roman Empire.
Banking is not the only game in town!
Although I do feel for all local Wachovia employees, this thread is as depressing as reading the obituaries. Where are all the optimists when you need 'em?
This is an interesting and scary journey for Charlotte Right Now!
Maybe this is the perfect time to show the country and the world just how strong Charlotte really is. Both as an economic strength and a community. Focus energy on what we still have and look for and invest in ways to make the city more diversified and better equipped to handle situations like this in the future. We shall come out stronger than we were before! Who's with me in this ideology??
Well my household are hoping for the best. At this point it is out of our hands and in someone else's. Worried yes! Concerned Yes! Going to make it? Yes!
Yes, prayers and support . . . this situation will affect ALL of Charlotte and hopefully, the impact will not be as dramatic as we fear.
Prayers go out to the people in Charlotte.
We are going through the same sort of thing here in Seattle with the loss of WaMu...
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Merger Downsizing?
