Earlier in the week, I wrote a post on the possible outcome of the Citigroup / Wachovia merger for the city of Charlotte.  Apparently, I was not the only one concerned as the Wachovia shareholders have voiced their opposition to the company being purchased at only $1 a share.  The news coming out of the merger talks centered around 3,000 - 4,000 local Wachovia employees being layed of, which would be devastating for our local economy.  Imagine my suprise today when I awoke to hear that Citigroup was out and Wells Fargo is in. 

Initial reports are that the shareholders will get more money per share but more importantly to the city of Charlotte, Wachovia will remain virtually as is!  Plus, there will be no federal money required to make the acquisition. 

Nothing is finalized and there's still a chance that Wachovia may get up off the mat thanks to the change in the accounting rules.  However, most here in the city of Charlotte are waking up to a much brighter outlook for our beloved city.

Jonathan Osman
Charlotte NC Homes, Charlotte Real Estate