Wells & Citi Fight for Wachovia

Posted by: Mark Ackerman

Charlotte (WBTV) --Who knew Charlotte-based Wachovia would become such a hot commodity Certainly not its employees, certainly not Charlotte leaders. But to say the past week has been busy--is an understatement.

"It has been an absolutely gut-wrenching week, because this is not an easy decision for anybody."

Not easy--because there's so much at stake. It's possible thousands of jobs could leave Charlotte regardless of who wins Wachovia.

Right now its an all out boxing match between East-Coast bank Citi Group and West-Coast bank Wells Fargo.

Charlotte Mayor Pat McCrory says his focus is to keep jobs right where they are.

"I anticipate a lot of dynamics to occur in this incredibly changing market conditions. We better learn how to adapt to and not only the week or day but by the hour."

If Citigroup tookover, they would need government help.

But that's not the case with Wells Fargo who is more than willing to pay its own 15 billion dollars for Wachovia. An overall better deal for Wachovia shareholders.

But is it possible Wachovia might be able to stand on its own two feet with the help of the 700-billion dollar bailout plan? Representative Sue Myrick says probably not.

"it would bail them out and take out the bad debt but you see there's more to it than that. I think a merger is probably the only thing that would keep them whole."

So Representative Myrick says she's all for the Wells Fargo deal-she think that's the better choice. Citigroup obviously thinks differently and they are going to try and make sure Wachovia sticks to their original deal.