Wachovia Quarterly Losses Near $9 Billion

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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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