Job cuts in Charlotte

More job cuts at Wells Fargo

Excerpt:

Job cuts at Wells Fargo in Charlotte are underway. We don't know how many people have been told they’re out of a job, but our news partners at the Charlotte Observer say layoffs are already happening quietly but steadily.

“The layoffs are always going to be deeper in the headquarters city of the acquired bank,” said banking expert and UNCC professor Tony Plath.

We just don't know how deep but Plath puts the estimate at 3000 or 4000.

Charlotte Mayor Pat McCrory hasn't heard a number.

"I don't think they know at this point in time. I think they are still going through that process of decision making,” he said.

The Charlotte Observer says the cuts are starting in risk management and corporate investment.

"Wells is kind of known for going it slow and kind of taking its time, which could be a good thing for Charlotte but leaves people kind of wondering what's going to happen," said reporter Rick Rothacker of the Charlotte Observer.

"The jobs that are reasonably safe are on the retail banking side, the platform people, the tellers, the branch managers and so forth," according to Plath.

Comment: Doesn't surprise me.

(Citi) will ask for a bazillion dollars, and Wells Fargo will give them something

Citi ends negotiations, won’t stop Wells-Wachovia merger

Excerpt:

Analyst Nancy Bush of NAB Research said the decision was a “good deal” for Charlotte.

“You guys should be breaking out bottles of champagne,” Bush said. “They will be so much more careful of the corporate culture, of Charlotte, of the customers. They have more retail experience than Citigroup does.”

The fact that Citi backed down indicated that criticism from customers and shareholders had grown too much, she said. Of the legal dispute, “I’m sure (Citi) will ask for a bazillion dollars, and Wells Fargo will give them something,” she said. “There will be some kind of out-of-court settlement.”

Comment: Great coverage this week by the "Charlotte Observer". For the "something" ... see the Norwest coffee cup in my previous post!