CHARLOTTE, N.C. -- Even before Wells Fargo announced job reductions associated with its merger with Charlotte-based Wachovia the effects were felt at local businesses.

"We use to have Wachovia people in here all the time," said Giacomo Vergadamo on Thursday as he prepared to open his business, Giacomo Pizzeria. "They would be in here two, three times. Now maybe only once a week."

Vergadamo said many of Wachovia’s employees are scared they’ll lose their jobs.

On Wednesday, Wells Fargo Chief Financial Officer Howard Atkins said there were a "number of businesses in the mix we will look to downsize to a certain extent."

Atkins said the company will downside Wachovia's Corporate and Investment Bank division, which employees about 5,700 people, many of which are well paying positions in Charlotte.

UNC-Charlotte economics Professor John Connaughton said when he first heard of probable jobs cuts he started crunching numbers.

"And because these are some of the higher paying jobs it's basically a two for one deal," Connaughton said. "When Wachovia downsizes there will be some accountants, some lawyers that'll lose their jobs, some advertising people, some IT people."

But it doesn’t stop there. Many other businesses that depend on Wachovia employees to spend money are also affected.

"It'll be restaurant jobs, your barber, your hairdresser, other jobs will be affected. It just runs the gamut," Connaughton said.

And Wells Fargo executives said they might need to scale back more than they originally felt. That means more tough times for Wachovia employees and for business owners like Vergadamo.

“I don’t know what it’ll mean for my business,” he said.