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Wachovia Corp. Gets Clobbered, Banking Woes Far from Over [ManagersRealm]

knowmoremedia.com » 2008 » July » 22nd » Wachovia Corp. Gets Clobbered, Banking Woes Far from Over [ManagersRealm]

Tagged: wb, wachovia, banking industry, wachovia write downs, wachovia second quarter, wachovia dividend, wachovia ceo bob steel, wachovia strategy, wachovia cutbacks

It took one second-quarter report from Wachovia Corp. (nyse: WB) to remind Wall Street and consumers that the largest banks in America are far from being out of the woods with the credit crisis. Today Wachovia, the nation's fourth-largest bank, announced it has suffered a $8.86 billion loss, and responded by cutting its dividend and saying it'll eliminate 10,750 jobs. This burst the bubble on … Continue Reading »

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