Study Outlines Impact Of Wachovia Merger On Charlotte Jobs
Posted: 5:44 pm EDT October 14, 2008Updated: 6:17 pm EDT October 14, 2008
CHARLOTTE, N.C. -- A study by Charlotte's Chamber of Commerce suggests that the merger of Charlotte's Wachovia bank with Wells Fargo is likely to have a far-reaching impact on other jobs in the Charlotte area.The study shows that for every 1,000 direct cuts in banking jobs, almost 100 other banking-related jobs would go away -- jobs like mortgage loan officers.Another 76 professional and technical jobs would also go, jobs in areas like information technology and computer support services.Add to that 56 management jobs, 31 in transportation, 28 in the hotel and restaurant business and 10 in construction and the total of all other jobs lost is projected at 390.The study was released just before the chairmen of Wachovia and Wells Fargo are scheduled to speak to Wachovia employees on Wednesday.It's very unlikely that they would make any direct statements about possible changes to the bank in Charlotte, but already local business leaders are lobbying to keep as many jobs as possible in the Queen City."We want them to immediately recognize the value of this place, the value of our people, our outstanding infrastructure and our cost of doing business. We need them to immediately recognize the value of the franchise they've acquired," said Michael Smith, president of Charlotte's Center City Partners.Smith said Charlotte's uptown makes it an attractive asset for any company, and he hopes the new merged bank will agree.
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