Hey, they said it about the city’s financial sector, not me.
Actually, I think the notion is a little out of focus for a couple reasons. One, the idea that the Wachovia deal is scary and there was no mention of Bank of America. WB folks are coming around to idea that perhaps 2000 jobs across the entire company footprint, mostly middle management, are likely to be eliminated. That is a far cry from the 10,000 — minimum — that would’ve gone away with a Citicorp deal, most of those from Charlotte. So there is still uncertainty, but the fear level has dropped considerably.
And I still believe that far too little attention has been paid to BofA’s promise to wring $9b. in savings from the combo with Merrill Lynch. Add in the continued Countrywide hangover and BofA’s looming exposure in the rapidly contracting consumer credit sector and…struggles might ensue.
