News leaves Charlotte breathing a little easier

By Jefferson George jgeorge@charlotteobserver.com Posted: Thursday, Oct. 09, 2008 With the banking battle for Wachovia over, the focus turns to the future of the bank's roughly 20,000 employees in Charlotte. Local leaders and others welcomed the news Thursday evening that Wells Fargo would be able to proceed with its purchase of Wachovia, with some saying the deal gives Charlotte the best chance of keeping jobs in the region. “It keeps us a center of retail banking,” said Tony Plath, a finance professor at UNC Charlotte. “A thousand-pound rock has been lifted from the city of Charlotte.” Others, though, were more cautious, saying that the withdrawal of a rival bid by Citigroup may give Wachovia to Wells but doesn't reveal how many employees will remain in Charlotte. Mayor Pat McCrory said Wells chief executive John Stumpf... [read full story]