Skip to: Content
Skip to: Site Navigation
Skip to: Search

July 25, 2008 12:32:39 PM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Surprise Loss, $7B Cash Infusion for Wachovia

Posted Apr 14, 08 8:47 AM CDT in Business 

(Newser) – Wachovia reported a surprise first-quarter loss today 2 years after taking over a subprime-dealing savings and loan. The CEO of the fourth-largest US bank was “deeply disappointed” that the bank lost $393 million, or 20 cents a share; analysts had anticipated earnings of 40 cents a share, Bloomberg reports. Wachovia cut its dividend; it plans to raise $7 billion to replenish capital reserves by selling shares and axing 500 jobs.

Source Bloomberg

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Could-Have-Been-Worse News Now Cheers Wall Street

    Jul 23, 08 5:56 AM CDT
    Could-Have-Been-Worse News Now Cheers Wall Street Yesterday's announcements of multibillion-dollar losses at Wachovia and Washington Mutual were only the latest poundings since the credit crisis took hold a year ago. Yet Wall Street, its expectations at rock bottom, cheered the reports because they could have been worse. Shares in WaMu, which posted a $3.3 billion quarterly fall, soared 6.2%. "We are redefining bad," one risk analyst told the New York Times. More »

  • Profits Slide as Dell Streamlines

    Feb 29, 08 6:30 AM CST
    Profits Slide as Dell Streamlines Dell posted a 6.5% decline in profits for its fiscal fourth quarter yesterday, citing slowed consumer spending and the cost of restructuring, which included slashing thousands of jobs, the Wall Street Journal reports. The Dell results are likely to cause concern about other tech stocks—especially those that rely on the US consumer market—and doubts about Dell's ambitious turnaround plan. More »

Wachovia kicks off an 11 city-tour for Way2Save in Los Angeles with the world's largest money machine on Tuesday, Feb. 19, 2008.   (AP Photo)
A Wachovia branch bank is shown in Charlotte, N.C., Monday, April 14, 2008. Wachovia will slash its dividend and raise $7 billion in a share sale after reporting a surprising first-quarter loss Monday...   (AP Photo/Chuck Burton)
Wachovia CEO Ken Thompson talks to employees during a meeting at the bank's corporate headquarters in Charlotte, N.C.   (AP Photo/Chuck Burton)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (1 of 2)

Tags

mortgage crisis  • Wachovia  • job cuts  • quarterly results


Loading...

Loading...

Today's Most Popular


Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »