Wachovia Earnings
On July 22, 2008, the Wachovia Corporation posted an $8.9 billion loss for its second quarter.1 In additon to slashing its quarterly dividend by 87 percent, Wachovia announced it would cut more than 10,700 jobs.2
Fast Facts
- July 22, 2008: Wachovia posted $8.9 billion second quarter loss
- Loss tied to bad mortgage loans3
- Banking giant also announced it was eliminating 10,750 jobs4
- Wachovia slashed its dividend by 87 percent5
- Net loss for Wachovia equaled $4.20 per share5
- Second consecutive quarterly loss for Wachovia6
- First back-to-back losses for the company in two decades6
- Wachovia is the fourth largest bank in the U.S.6
Quote
"These bottom-line results are disappointing and unacceptable. While to some degree they reflect industry headwinds and weaker macroeconomic conditions, they also reflect performance for which we at Wachovia also accept responsibility."—Lanty Smith, Wachovia chairman1
- ↑ 1.0 1.1 The New York Times: Posting Huge Loss, Wachovia Tries to Purge Lending... (July 22, 2008)
- ↑ Forbes: Wachovia Wanes (July 22, 2008)
- ↑ The Associated Press: Stocks mixed as investors weigh Wachovia, oil drop (July 22, 2008)
- ↑ Guardian.co.uk: Wachovia announces $8.9bn loss and plans to cut 10,750 jobs (July 22, 2008)
- ↑ 5.0 5.1 Reuters UK: Wachovia loses $8.86 billon, slashes jobs (July 22, 2008)
- ↑ 6.0 6.1 6.2 CNNMoney.com: Wachovia reports $9 billion loss (July 22, 2008)
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