Charlotte Mayor Pat McCrory announced Monday that he had written a letter asking federal bank regulators to keep Charlotte's economy in mind as Wachovia's purchase is forged.
During a City Council discussion of the economy, McCrory said he had spoken with executives of Wachovia's two suitors, Wells Fargo and Citigroup. But he said their decisions were beyond his control.
“I've been just trying to keep in the loop as mayor,” he said.
In the letter to Federal Reserve Chairman Ben Bernanke and FDIC Chairwoman Sheila Bair, McCrory stressed how important banking is to the city. He lauded Wachovia's role as a “philanthropic and community investment partner.” And he urged the federal agencies to consider the bank's employees.
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“As you work with the decision makers that will define the future of Wachovia, I ask that the primary focus be on maintaining jobs and recognizing Charlotte's strengths of highly skilled workforce, low business costs, comprehensive infrastructure, and a vibrant quality of life,” McCrory wrote.
Chamber of Commerce President Bob Morgan said it was unclear how long the negotiations over Wachovia's future would last.
“We can't sugar-coat this,” Morgan said. “We are watching the apparent end of Wachovia. We grieve the loss of an institution.… It is not easy for any of us to watch.”