Another Big Bank Has Big Losses

By: Associated Press Email
By: Associated Press Email

Charlotte, N.C. (AP) Disappointing news for another large bank.

Wachovia says it lost nearly 9 billion dollars in the second quarter. It substantially cut its dividend and will cut more than 6,300 jobs.

Shares have fallen to mid-1991 values in premarket trading.

The nation's fourth-largest bank by assets says it lost the equivalent of $4.20 per share in the period from April to June.

The Charlotte-based bank cut its quarterly dividend to five cents per share, down from 37.5 cents. That'll conserve approximately 700 million dollars of capital per quarter.

Wachovia's chairman calls the results “disappointing and unacceptable.”

Late yesterday, Wachovia announced plans to leave the wholesale mortgage lending business.

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