Hot News show next Hot News
Reaction to Buyout
Tuesday, September 30, 2008 5:51 PM
Symbols: C, WB
(Source: Independent Tribune)trackingBy Ben McNeely, Independent Tribune, Concord, N.C.

Sep. 30--CONCORD -- It was business as usual at the eight Wachovia branches in Cabarrus County, but it didn't stave off the feeling of insecurity about the Charlotte-based bank's troubles.

Wachovia spokeswoman Christina Shaw said customers could still access their accounts and deposits. As for layoffs, there was no news.

"The impact locally, I have no information about that," Shaw said.

Wachovia has about 160 employees in Cabarrus County, Shaw said, 20,000 employees in the Charlotte region.

Cabarrus Chamber CEO John Cox said he was at Afton Ridge Shopping Center Tuesday morning, cutting the ribbon on a new Wachovia branch in Kannapolis.

"It is a serious cause for pause in the Charlotte region," Cox said. "Unfortunately, we've had a lot of experience as a county dealing with job loss."

Neither Wachovia nor Citigroup commented on any job cuts Tuesday, but Cox said the Wachovia acquisition has the potential to increase the number of highly-trained professionals looking for jobs and would "diminish the number of jobs absorbed in the region."

Branches were open for business Monday and customers were in and out of the banks, making transactions.

When asked, many did not want to comment on the Citigroup buyout, but one couple from Kannapolis said they were scared.

"All this affects us," they said, not wanting to release their names. "We don't know what's going to happen next."

-----

To see more of the Independent Tribune or to subscribe to the newspaper, go to http://www.independenttribune.com/.

Copyright (c) 2008, Independent Tribune, Concord, N.C.

Distributed by McClatchy-Tribune Information Services.

For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

WB, C, 8710,


More Options



Subscribe to Email Alerts rss feed or RSS feeds rss feed for articles from more than 300 contributors and press releases, SEC filings and full text news from thousands of sources.


 
Rate :  Rate this Commentary  


 Number of Comments (0) Post Comment
 
  
Good Rating(+1)    Bad Rating(-1)
No Data Found

 
Enter Symbol
Enter Search String
Bookmark This Article
Email Article

Send this article by email


Recipient's Name
Recipient's E-mail
Your Name
Your E-mail
Related Quotes

 
  Home | Login |Research | Earnings | Scans | Chat Rooms | Charts | Submit Article | Join Blog Network | Contributors | Subscribe to RSS

copryright 2008 all rights reserved