The Charlotte Observer ran an article yesterday on the fallout of the Wachovia implosion and impending sale to either Wells Fargo or Citigroup. It posed the question, “Is Charlotte too dependent on the banks?
I guess if you consider the fact that in Mecklenburg County (Charlotte’s county) more than 1/5 of all private sector wages were paid from financial service businesses, then it’s hard to ignore the question. And with the sale of Wachovia to an out-of-state suitor, what will this mean for the Charlotte region going forward?
It’s kind of ironic because just a few weeks ago I posted an article about how some people thought Charlotte was over-rated. I still think a lof the premises posed in that question were a bit off the wall (the crime rate is rising and out of line with comparable cities), but it did point out that Charlotte has enjoyed a bit of a ‘utopian’ run lately. It looks like that might be coming to an end with last week’s Wachovia announcement, but does that mean we rely too much on the banks?
I guess only time will tell the true fallout from the Wachovia sale and if we do indeed, rely too much on the banking sector for jobs.
What do you think? Go ahead and leave your comments below. I’d love to hear your thoughts.
