[RP TownTalk] Wachovia

[Dwight Holmes]

this just in: $9 billion losses in three months; 10,000+ jobs to be cut.

Wachovia loses $8.9B, cuts 6,350 workers, dividend

Wachovia says it lost $8.86 billion in the second quarter, hurt by a
big goodwill charge and an increase in reserves for bad loans as
mortgage defaults soar.

By IEVA M. AUGSTUMS
The Associated Press
Tuesday, July 22, 2008; 11:08 AM

CHARLOTTE, N.C. -- 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 nation's
fourth-largest bank by assets said it lost $8.86 billion, is slashing
its dividend and eliminating 10,750 positions after losses tied to
mortgages soared.

Even excluding one-time items, the results substantially missed Wall
Street estimates.

"These bottom-line results are disappointing and unacceptable,"
Chairman Lanty Smith said in a statement. "While to some degree they
reflect industry headwinds and weaker macroeconomic conditions, they
also reflect performance for which we at Wachovia accept
responsibility."