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Wachovia Takes Massive $23.9B 3rd Quarter Loss

Writedowns lead to $11.18 per share loss; Wells Fargo says merger on track

By Jim O'Neill, Newser User

Posted Oct 22, 2008 8:40 AM CDT

(Newser) – Wachovia reported losses of $23.9 billion in the third quarter, a whopping hit of $11.18 per share that blew by analysts’ estimates of a 2-cent-per-share loss, reports Bloomberg. But Wachovia’s loss—virtually all tied to mortgages or mortgage-related securities—may be Wells... Read full story »

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Wachovia Takes Massive $23.9B 3rd Quarter Loss

Writedowns lead to $11.18 per share loss; Wells Fargo says merger on track

Wachovia • corporate earnings • writedowns • Wells Fargo & Co • financial crisis

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