Wachovia loses $8.9B, cuts 6,350 workers
- added July 22, 2008
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- Chango2000
- added this
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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 bank said it lost $8.86 billion, is slashing its dividend and eliminating 10,750 positions after losses tied to mortgages soared.
But by the afternoon its stock joined a modest Wall Street rally and rose as much as 13 percent — after its shares sank to mid-1991 levels in premarket trading, and after Wachovia's new CEO said he plans to cut $2 billion of expenses by the end of next year and sell parts of the fourth-biggest U.S. bank.
Its shares rose $1.19, or 9 percent, to $14.37 in afternoon trading.
But by the afternoon its stock joined a modest Wall Street rally and rose as much as 13 percent — after its shares sank to mid-1991 levels in premarket trading, and after Wachovia's new CEO said he plans to cut $2 billion of expenses by the end of next year and sell parts of the fourth-biggest U.S. bank.
Its shares rose $1.19, or 9 percent, to $14.37 in afternoon trading.
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- Chango2000
- 2 months ago
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