Either deal probably costs the city a Fortune 500 headquarters. And Wachovia's stunningly swift fall is a stark contrast to the long, painful decline of traditional industries such as textiles and furniture.

"It kind of knocks the wind out of you when a company you deeply respect that cares so much about our community goes through such a quick change," said Pat McCrory, Charlotte's longtime mayor and the state's Republican candidate for governor. "It came with little or no warning."

City, regional and state leaders, including members of the regional partnership and Charlotte Chamber, have been huddled in meetings and telephone conferences all week. They started with Citi, trying to figure what might induce the big New York bank to save jobs in Charlotte. Now they're playing catch-up with San Francisco suitor Wells Fargo. On Saturday, McCrory wouldn't provide details of any discussions.

"We have to try to adapt and plan for the change as quickly as possible," McCrory said. "We're going to rebound from this hit in the gut because that's the Charlotte way."

Before any hint of Wachovia's woes, he said, diversification had been a goal and recruiting a constant.

"Our greatest danger was always taking our success for granted, and I don't think we ever have," he said. He points to the third parallel runway under construction at the city's airport as an example of long-range diversification planning.

"There will always be an airline industry," he said. "We want them to come here."

Despite diversification efforts, the city's dependence on financial wages has grown dramatically in the past 20 years. New York and San Francisco, other big financial centers, also depend heavily on those paychecks.

"When you do have such a large sector, you are somewhat vulnerable," said Mike Walden, an economics professor at N.C. State University. However, "regions, like people, tend to specialize....Charlotte has a collection of other industries which will serve Charlotte well."

Jobs of the future

Next week, the regional partnership leads a Charlotte area delegation to Solar Power International in San Diego.

McDonald calls the trade show "the super bowl of the solar industry." The partnership is attending to learn more about the industry and generate interest in the Charlotte region as a place to do business.

The solar quest is part of a partnership focus, laid out in July, to target business growth in three broad areas: energy/environment, health/life sciences and defense/security.

"We're looking at where are the jobs of the future," McDonald said. "Where is wealth going to be created in the future?"

In Charlotte, Carolinas HealthCare System is the largest employer, already helping lead growth in that burgeoning field.

Wachovia's 20,000 Charlotte workers make it the city's second largest employer. In total, the county has nearly 54,000 workers in finance and insurance, a broad arena that includes mortgage brokers, credit cards and investment banking.