Wells Fargo announced yesterday that they will be laying off 548  employees in uptown Charlotte as they continue to integrate with Wachovia.  The investment banking division will be hit the hardest which is no real surprise.  Wells also indicated that there would be more layoffs after this round as other business segments begin to integrate over the next 2 to 3 years.  The 548 seems to pale in comparison to the 2,900 jobs lost in the investment banking and mortgage divisions in both Bofa and Wachovia this past February.

What does this all mean?  Well if you remember it was the influx of all the investment bankers from the North that really put this town on the map and really got our real estate market in gear.   Where they will go…who knows.  I am sure some will stay and wait it out and some will head home.  As for the Charlotte real estate market…I think it will suffer from this loss.  The big players, the big money helped the Charlotte economy and real estate.  I really hope this economy turns around fast and the Wells and Bofa’s of the world start firing it up again.   Charlotte…we need it!

Ciao Bella