News isn't so bright for much of the Baltimore job market. Exelon Corporation and Constellation Energy Group Inc will be merging - that is not the news portion, though. Rather, the overseeing group reported to the state's energy regulators that the merger would result in a planned cut to 600 jobs. That will seriously hurt the already fragile Baltimore market and cause numerous tensions throughout the industry in the state.
According to an article in BizJournals.com, Paul Elsberg, the spokesman for the company, stated the following in regards to the move. "As with any merger, part of the rationale is to reduce costs and as such, there will be some reductions in redundant, overlapping functions."
Many are worried about the implications to the Baltimore jobs market. Some of those cuts would be made up in the company's plan to relocate some 200 to 250 workers from Pennsylvania to Baltimore who are part of the company's Power Team operation.
The Baltimore jobs market will see a temporary hiring benefit from the result of the merger, though. That will occur because of the expectation of the company to build a new Baltimore headquarters for its Constellation division. That could add some 1000 positions at least for temporary help.