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What vow is worth now.

Business North Carolina • July, 2008 • Triad

Seven years ago, Ken Thompson promised Winston-Salem 3,000 jobs. He did it to generate support for Charlotte based First Union's takeover of Twin City pillar Wachovia, and it worked. Wachovia merged with First Union, even surrendering its name. Winston-Salem shed about 1,300 jobs when the headquarters moved to Charlotte, but it might have been worse if not for Thompson's pledge. Wachovia still has heavy concentrations of workers there in its wealth-management, Carolinas banking and Internet-technology divisions. But with Thompson's ouster as CEO in June, city officials fear his word might be out the door with him. Wachovia executives aren't commenting.


COPYRIGHT 2008 Business North Carolina Reproduced with permission of the copyright holder. Further reproduction or distribution is prohibited without permission.
Copyright 2008 Gale, Cengage Learning. All rights reserved. Gale Group is a Thomson Corporation Company.
NOTE: All illustrations and photos have been removed from this article.


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