Charlotte no longer a banking mecca? (employment, construction, moving)

[crystalblue]

With Wachovia gone, and BofA maybe next, how would this affect Charlotte?

[lovesMountains]

Originally Posted by crystalblue

With Wachovia gone, and BofA maybe next, how would this affect Charlotte?

Wachovia is not gone - it didn't just disappear of anythiing, lol.

It is in the process of changing over to Wells Fargo, and some folks will lose their jobs, no doubt about that, but banking is still going to be a part of Charlotte. It is not our only industry, just one of the largest. Charlotte's growth may slow due to the changes, but that won't be such a bad thing - we can stand to slow down the development for a while. Having 80,000 people move to the area every year for the past few years has really been straining our infrastructure.

[hooligan]

Wachovia gone, LOL!

They haven't even slowed down construction on the new Wachovia building in uptown, crystal. C'mon up and visit sometime and you'll see...

[Currency Pair Crocodile]

Originally Posted by crystalblue

With Wachovia gone, and BofA maybe next, how would this affect Charlotte?

There's just been a massive pilgrim stampede, which also is business as usual

Pilgrims will soon start flowing in, all over again.

[chicagocubs]

Well, I am guessing that after the dust settles after this whole depression/recession, we will see an entirely different employment landscape across the country.

[anifani821]

Yes, employment has been affected all over this country.

Charlotte was fine w/o those two huge banks. Everyone seems to think bigger is better. Yes, I like to see growth and improvement in services . . . but it boomed here and it was too fast. Now, it is a slowdown. Sadly, this will involve layoffs and job loss.

Then the cycle will start up again - international companies are moving in . . . This is part of a cycle. This year, 2009, will be a slowdown year . . . then we will all re-group and see where it goes from there.

Charlotte was never only about banking. It is just that the media made it sound that way. Many newcomers moved here to work for the two big banks so to anyone who has only had a job w/ one of the banks - I would think the world would seem very bank-centered, but Charlotte will attract other businesses even if either (or both) of those banks are less of a presence here in this region.

[FrankTheTank2]

There is a 'decent' article today in the Observer about the loss of banking jobs and the local economy here in Charlotte. I love reading everyones comments after the article too:

Financial crisis has battered Charlotte's wealth | CharlotteObserver.com (http://www.charlotteobserver.com/business/story/509355.html - broken link)