Richmond Loses 2,000 jobs
I think we all knew this was coming. As reported in today’s Times-Dispatch, Richmond will lose approximately 2,000 jobs as due to the merger of Wachovia Securities and A.G. Edwards Inc. Surely this will impact the economy a bit, particularly in our area with the various private schools, however, according to the article, this will cause the local unemployment rate to increase only slightly.
Wachovia Securities employs 2,600 people in the Richmond area. Employees don’t know yet who will be offered jobs there, Mattera said.
About 100 brokers and 75 support staff members will stay in Richmond as well as 400 people in technology and operations.
All other functions, including marketing, compliance, legal, communications and human resources, will be in St. Louis. “We are confirming what we have been saying all along,” Mattera said. “Most positions in the firm will be in St. Louis.”
Actually groaned when I saw this headline. As you said, most knew it was coming, but it doesn’t really diminish the pain of it. A good friend will probably be losing her job, as will so many. I actually take issue with the comment made by the Employment Commission economist at the end of the RTD article, that said it would really hurt a city the size of Danville, but in Richmond, no real long term problem. I think we’ve reached a point where Richmond is beginning to bleed its GOOD jobs, the kind of jobs you work bad jobs for a few years to get. The important question isn’t whether the current job market can recover (it probably can) but what this means for the long term market, what kind of signal this sends to businesses considering richmond, to professionals considering relocating here and to people who are hoping to become professionals who are considering leaving in search of better job prospects.
Thanks for posting this here. I think it is going to affect a number of people in the neighborhood.