Wachovia Quarterly Losses Near $9 Billion

BusinessWachovia Quarterly Losses Near $9 BillionWachovia Quarterly Losses Near $9 BillionThe Associated PressWachovia 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. (July 22)The economic crisis hit the banking industry particularly hard on Tuesday. Wachovia, the nation's fourth-largest bank said it lost close to nine billion dollars ($8.86) in the second quarter. The sobering announcement also included news that the bank will cut more than six thousand jobs (6350) and slash its quarterly dividend to 5 cents per share from 37.5 cents.Even excluding one-time items, the results substantially missed Wall Street estimates. Wachovia's shares were hammered in early trading, falling to levels not seen since 1991.Wachovia's results were especially sobering for investors who last week sent stocks soaring after better-than-estimated reports from Citigroup, JPMorgan Chase and Wells Fargo. ___ ___, The Associated Press.(****END****)

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[PatrioticInsurgent]

I closed my checking account with Wachovia 6-8 months ago, never hearing from them again... UNTIL.... Today, living on the other side of the world, I find out that my CURRENT bank's checking account has a lien against it from Wachovia bank.

-I never was notified by Wachovia in any way until this incident, and I can't get my tax return check deposited to pay for my plane ticket back to the U.S.

CLOSE YOUR ACCOUNTS with Wachovia, please, for those of us who have been abused by this organizati

[lesliejohnson006]

Good I hope that they go out of business

[eventvisionsinc]

keep away from wachovia

[luchpockets]

So sorry for Obama but last one in is a rotten egg ! Obama, fight them till the end or it's your fault !

[thomasladams]

You Right, They Got Me Wit Dat B.S. Thats Cool Tho Cause Im Bout Take My Buisness To Bank Of America

[crazycrazyguggenheim]

In April 2008 Wachovia was investigated by United States federal prosecutors as part of a probe into drug money laundering by Mexican and Colombian money-transferring firms. The investigation of the alleged laundering also included other large U.S. banks. Meanwhile at the same time Wachovia announced a $144 million settlement for federal charges that it had failed to stop telemarketers from taking advantage of thousands of elderly consumers.[58]

[crazycrazyguggenheim]

What a bunch of cheeeesse fuckers

[nowonder07]

Hope they have newspapers in hell so you don't missed the news.

[crazycrazyguggenheim]

I cant wait till this bank goes 69 they diserve it so much and tell Duval he stared iy all

[Michae777]

I forgot what about the outrageuos fees for a 1penny missing with no mercy to my relative Patricia and my favorite the old lady who because of 80cents was charged 350 dollars in fees and not just because this poor lady didn't had the 80 cents she had already cleared a series of small transactions but for some reason after 2 days when she got the overdraft fee the bank manipulate her transactions from chronological order to lets make you get overdraft 8 times more.

Well lets congratulate wachovia