The Carolina Panthers are supposed to be the cardiac franchise in Charlotte, but Wachovia's overnight end run is creating just as much drama. Much like our NFL team, the hometown bank has Carolina hearts pounding. Wachovia dazzled the city Friday morning when it spurned a tentative acquisition agreement with Citigroup and announced it was being purchased by Wells Fargo & Co. Shareholders, employees and city boosters applauded. Instead of settling for a Federal Deposit Insurance Corp.-engineered plan that would have broken up the bank, Wells' offer would leave it intact and make Charlotte the East Coast headquarters for retail and corporate banking of the combined operation. “It's a great deal for Charlotte – for taxpayers, the shareholders, Wachovia employees and the citizens of Charlotte,” said UNC Charlotte's Tony Plath, associate professor of banking and finance. But as Cardiac Cats fans know all too well, the game is never over until the clock expires. Citi hasn't given up on its acquisition, and its officials are revving up the offense. One Citi executive told the Observer the company would move the combined retail bank and other businesses to Charlotte and not cut any retail banking postions. In earlier communications, it had committed only to a “strong presence” in the city. Financial analysts watching the Citi proposal said employment cuts in Charlotte would be inevitable. They estimated the deal could eliminate as many as ...
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