Wachovia's sale could mean layoffs in Charlotte
CHARLOTTE, N.C. (AP) – Analysts say Charlotte could lose thousands of high-paying jobs when Citigroup Inc. buys Wachovia Corp’s banking operations.
Citigroup announced Monday that it would purchase Charlotte-based Wachovia, which employs about 20,000 people in the city. Tony Plath, a finance professor at the University of North Carolina-Charlotte, said about a quarter of those workers could lose their jobs. He said other Wachovia-related jobs in the community could also be at risk.
But many jobs appear to be safe. Wachovia’s remaining operations will keep headquarters in Charlotte and St. Louis. The company said in a press release that Citigroup will base the retail bank in Charlotte and the investment bank in New York.
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