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<BIG class=pr>AP</BIG>
Wachovia loses $8.9B, cuts 6,350 workers, dividend
Tuesday July 22, 11:08 am ET
By Ieva M. Augstums, AP Business Writer
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Wachovia slashes dividend, jobs, to shut mortgage unit after $8.86B loss in second quarter
CHARLOTTE, N.C. (AP) -- Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well. The nation's fourth-largest bank by assets said it lost $8.86 billion, is slashing its dividend and eliminating 10,750 positions after losses tied to mortgages soared.
Even excluding one-time items, the results substantially missed Wall Street estimates.
"These bottom-line results are disappointing and unacceptable," Chairman Lanty Smith said in a statement. "While to some degree they reflect industry headwinds and weaker macroeconomic conditions, they also reflect performance for which we at Wachovia accept responsibility."
Wachovia said it lost the equivalent of $4.20 per share in the April-June period. In the same timeframe last year, the bank earned $2.34 billion, or $1.22 per share.
http://biz.yahoo.com/ap/080722/earns_wachovia.html?.v=19
<BIG class=pr></BIG>
<BIG class=pr>AP</BIG>
Wachovia loses $8.9B, cuts 6,350 workers, dividend
Tuesday July 22, 11:08 am ET
By Ieva M. Augstums, AP Business Writer
<TABLE height=4 cellSpacing=0 cellPadding=0 border=0><TBODY><TR><TD height=4></TD></TR></TBODY></TABLE>
Wachovia slashes dividend, jobs, to shut mortgage unit after $8.86B loss in second quarter
CHARLOTTE, N.C. (AP) -- Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well. The nation's fourth-largest bank by assets said it lost $8.86 billion, is slashing its dividend and eliminating 10,750 positions after losses tied to mortgages soared.
Even excluding one-time items, the results substantially missed Wall Street estimates.
"These bottom-line results are disappointing and unacceptable," Chairman Lanty Smith said in a statement. "While to some degree they reflect industry headwinds and weaker macroeconomic conditions, they also reflect performance for which we at Wachovia accept responsibility."
Wachovia said it lost the equivalent of $4.20 per share in the April-June period. In the same timeframe last year, the bank earned $2.34 billion, or $1.22 per share.
http://biz.yahoo.com/ap/080722/earns_wachovia.html?.v=19
