• On July 22, 2008, the Wachovia Corporation posted an $8.9 billion loss for its second quarter.The New York Times: Posting Huge Loss, Wachovia Tries to Purge Lending... (July 22, 2008) In additon to slashing its quarterly dividend by 87 percent, Wachovia announced it would cut more than 10,700 jobs.Forbes: Wachovia Wanes (July 22, 2008)

• Fast Facts

  1. July 22, 2008: Wachovia posted $8.9 billion second quarter loss
  2. Loss tied to bad mortgage loansThe Associated Press: Stocks mixed as investors weigh Wachovia, oil drop (July 22, 2008)
  3. Banking giant also announced it was eliminating 10,750 jobsGuardian.co.uk: Wachovia announces $8.9bn loss and plans to cut 10,750 jobs (July 22, 2008)
  4. Wachovia slashed its dividend by 87 percentReuters UK: Wachovia loses $8.86 billon, slashes jobs (July 22, 2008)
  5. Net loss for Wachovia equaled $4.20 per shareReuters UK: Wachovia loses $8.86 billon, slashes jobs (July 22, 2008)
  6. Second consecutive quarterly loss for WachoviaCNNMoney.com: Wachovia reports $9 billion loss (July 22, 2008)
  7. First back-to-back losses for the company in two decadesCNNMoney.com: Wachovia reports $9 billion loss (July 22, 2008)
  8. Wachovia is the fourth largest bank in the U.S.CNNMoney.com: Wachovia reports $9 billion loss (July 22, 2008)

• 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 chairmanThe New York Times: Posting Huge Loss, Wachovia Tries to Purge Lending... (July 22, 2008)

• Related Mahalo Pages

  Wachovia Corporation | Lanty Smith | Wachovia Settlement Checks

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