Carolina Politics Online

Citigroup has bowed out and will stand aside and allow Wells Fargo and Wachovia to go through with a merger.  This was the best scenario we could have gotten here in Charlotte.  I’m still saddened to see Wachovia be taken over, but the economic talking heads are saying that the Wells merger will result in far less job losses in our city than would have been the case with Citi.

“We’re pleased Citigroup has abandoned its efforts to interfere with Wachovia’s planned merger with Wells Fargo,” Wachovia spokeswoman Christy-Phillips Brown said. “We look forward to completing our merger with Wells Fargo, which we have always believed is in the best interest of shareholders, employees, creditors and retirees as well as the American taxpayers and it imposes no risk to the (Federal Deposit Insurance Corp.) fund. Our Board made the right fiduciary decision for all of our constituents and we look forward to consummating our merger with Wells Fargo.”

Analyst Nancy Bush of NAB Research said the decision was a “good deal” for Charlotte.

“You guys should be breaking out bottles of champagne,” Bush said. “They will be so much more careful of the corporate culture, of Charlotte, of the customers. They have more retail experience than Citigroup does.”

Charlotte Observer

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