Monthly Statement

The bigger the banks, the harder they fall

Charlotteans are quick to point out that this city is home to Bank of America and Wachovia. We chronicled the banks' influence in our October issue ("Bank vs. Bank," by Melissa Hankins), and a few noteworthy events occurred as the issue ended its run on newsstands.

On October 23, protesters from the Rainforest Action Network seized a construction crane and hung a fifty-foot banner across from BofA's headquarters that read, "Bank of America: Funding Coal, Killing Communities." The organization was protesting what it says is the bank's funding of mountaintop-removal coal mining and new coal-fired power plants. In our feature, we detailed the efforts both banks are making in the "green movement." But, evidently, coal is black.

Also that week, Bank of America and Wachovia posted lower than expected third-quarter profits, primarily due to low earnings in their investment banking divisions. This led both to announce job cuts. BofA said it would eliminate 3,000 jobs companywide. And Wachovia said it would cut 200 jobs, including 110 in Charlotte.