Wachovia takes big hit on the market

Liberia News.Net
Tuesday 22nd July, 2008

US banking giant Wachovia has announced a quarterly loss of US$8.662 billion.

The loss amounted to 4.20 dollars per share, far above the average Wall Street forecast of a loss of 78 cents per share.

Wachovia has announced it will cut 5,350 jobs by the end of 2009 as it restructures in the face of a difficult environment.

Credit firm Standard & Poor's has downgraded its rating on Wachovia but said the outlook is now stable.

It said the bank was hurt by its acquisition of mortgage firm Golden West but is now taking steps to bolster its finances.

Email this story to a friend

Have your say on this story

Top Stories

Obama to appear with running mate
Campaign officials for Barack Obama say his new running mate will join the Democratic hopeful onstage this coming weekend in Springfield, Illinois. [read story]
Zambian president dies in Paris
Zambian President Levy Mwanawasa has died in the Percy Military Hospital in Paris after being hospitalised there for more than a month. [read story]
Still no agreement on Musharraf successor
The leaders of Pakistan's ruling coalition have failed to agree on a consensus candidate to succeed Pervez Musharraf as president, to provide him indemnity and to work out the modalities of restoring the judges who were sacked after an emergency was decla [read story]
Russia furious over NATO favouritism of Georgia
Russian Foreign Minister Sergei Lavrov has accused NATO of overemphasising its support of Georgia after the alliance declared there could no longer be business as usual with Russia. [read story]
Prisoner exchange takes place in Georgia
Russia and Georgia exchanged prisoners Tuesday as Russian troops slowly began pulling out of the conflict region in Georgia. [read story]

RSS Feed