September 29, 2008

 This statement was issued earlier today by the Charlotte Chamber

Charlotte, NC -- With the announcement that Citigroup will acquire Wachovia's retail bank, corporate and investment bank and wealth management businesses, leaders of the Charlotte Chamber met today with Charlotte Mayor Pat McCrory, Mecklenburg County Board of Commissioners Chair Jennifer Roberts, and representatives of the Charlotte Regional Partnership and the Charlotte Center City Partners. Participating by phone were U.S. Senators Elizabeth Dole and Richard Burr and N.C. Secretary of Commerce Jim Fain.  We wish to communicate the following joint statement.

We are grateful for the role that Wachovia and its predecessor First Union have played in the growth and development of Charlotte into a great American city.  Our thoughts and concerns are with all Wachovia stakeholders who now face an uncertain future.   

We will all work together to make the case to the leadership of Citigroup to retain every job that is currently in Charlotte and to encourage them to increase their investment in our community.  The case is simple.  We offer a labor force that is skilled in banking.  We offer a cost of living that is 92 percent of the national average.  And we offer attractive and affordable commercial real estate that is currently occupied by Wachovia or under construction.  In addition, the Charlotte region has a transportation infrastructure and quality of life second to none.  

It is important to note that our economy remains diverse.  While banking is the leading sector, ours is not a one-industry town.  Manufacturing, transportation, health care, motorsports, tourism and many thriving small businesses drive our economy.  And with Bank of America's recent purchase of Merrill Lynch, we remain the second-largest banking center in the United States, behind New York City and ahead of San Francisco.

The Citigroup purchase of Wachovia, along with the current gas crunch, is causing much uncertainty at all levels of our economy.  We will work with the leadership in Raleigh and Washington to help them do everything in their power to restore confidence in the United States economy.  It is in the best interest of everyone from Wall Street to Tryon Street to work together toward positive solutions, and we will pledge to keep the lines of communication open and focused on outcomes that will protect our citizens, our workers and their families.

The Honorable Pat McCrory, Mayor, City of Charlotte
The Honorable Jennifer Roberts, Chair, Mecklenburg County Board of Commissioners
Bob Morgan, President & CEO, Charlotte Chamber of Commerce