Summary
CHARLOTTE, N.C. - Wachovia Corp. announced a whopping second- quarter loss of $8.9 billion Tuesday morning, with plans to shake up its mortgage unit, slash its dividend payout to shareholders, and cut thousands of jobs.
Chief Executive Bob Steel, hired less than two weeks ago to bring the struggling bank back to its former glory, had hinted that he envisioned a smaller, leaner Wachovia. Tuesday, in his first earnings announcement, he kept his word, announcing numerous other plans to preserve capital.See the full content of this document
Extract
Wachovia Loses $8.9 Billion
Wachovia announced Tuesday morning that it plans ...
See the full content of this document
Sponsored links
