Wachovia bank boss is forced to step aside
- added June 2, 2008
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Wachovia has become the latest in a succession of leading US banks to part company with its chief executive.
The company said that Ken Thompson would be retiring at the request of its board of directors. Lanty Smith, who replaced him as chairman in April, has been named as interim chief executive.
Wachovia, the fourth-largest US bank, lost $361 million in the first three months of 2008, had to raise an extra $8 billion of capital and cut its dividend.
Thompson's departure follows those of the chief executives of Citigroup and Merrill Lynch.
He has been criticised for his $24.2 billion acquisition of Golden West Financial Corp, a specialist mortgage lender. in October 2006.
Rising default rates from Golden West's loans have been a big contributor to Wachovia's problems.
The company said that Ken Thompson would be retiring at the request of its board of directors. Lanty Smith, who replaced him as chairman in April, has been named as interim chief executive.
Wachovia, the fourth-largest US bank, lost $361 million in the first three months of 2008, had to raise an extra $8 billion of capital and cut its dividend.
Thompson's departure follows those of the chief executives of Citigroup and Merrill Lynch.
He has been criticised for his $24.2 billion acquisition of Golden West Financial Corp, a specialist mortgage lender. in October 2006.
Rising default rates from Golden West's loans have been a big contributor to Wachovia's problems.
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