Find it very interesting that we get less spin on the future of Wells-chovia in Charlotte from Wells economist and serial half-full guy Mark Vitner than from Mayor Pat McCrory.
Vitner is very clear that Charlotte is going to get whacked, just like the rest of Wells, in order to deliver the 10 percent reduction in workforce Wall Street was promised by next year. McCrory, in contrast, seems to think that “talent” and visibility, not the hard numbers, will be a driving factor in who gets cut loose.
But even assuming that is true, is it not a huge stretch to further posit that long-time Wachovia staffers represent some great store of talent and ability? After all, which bank ran itself right out of money and which one steered clear of most of the funny-money?
If I’m John Stumpf, I’m not taking any chances as I look to shave $5b. in costs.
