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NEWS ABOUT: Wachovia

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Financials Key Downward Spiral

Executive shuffles at WaMu, Wachovia give market jitters

(Newser) - Financials keyed major market losses as high-level personnel shuffles at Wachovia and Washington Mutual, plus a report by Standard and Poor that downgraded the ratings of several prominent banks, disconcerted investors, MarketWatch notes. The Dow lost 134.50 to settle at 12,503.82, and the Nasdaq lost 31.13,... More »

Wachovia Targeted in Drug Money Laundering Probe

Feds look into bank's conection with suspect casas de cambio

(Newser) - Federal prosecutors have targeted Wachovia in an investigation into the use of money-exchange houses along the Mexican border to transfer money from US sales to Latin American drug lords, the Wall Street Journal reports. The bank invested heavily in the casas de cambio despite warnings that such firms were often... More »

Oil Tops Record High $113

Dollar's decline chief cause of spike

(Newser) - Crude oil hit a new record high in trading today—$113.66 a barrel—as weary investors attempted to hedge against a tumbling dollar and oil shipments were disrupted around the world. Though the dollar is the main concern, supply problems, including OPEC's decision not to change its 2008 outlook... More »

Stocks Seesaw, Close Down

Investors hold their breath for coming Q1 earnings reports

(Newser) - Stocks wobbled today, eventually posting modest losses as investors still processing GE’s poor results absorbed Wachovia's unexpected losses and steeled themselves for more disappointment from first-quarter earnings reports. The Dow ended the day down 23.36 at 12,302.06, the Nasdaq dropped 14.42 to 2,275.82,... More »

Surprise Loss, $7B Cash Infusion for Wachovia

Fourth-largest bank was prime player in mortgage mess

(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.... More »

$6B From Outside Investors Will Shore Up Wachovia

Bank selling discounted shares to combat credit crunch

(Newser) - Ailing bank Wachovia will get a $6 billion-$7 billion shot in the arm from outside investors, the Wall Street Journal reports. Specifics of the capital infusion, designed to help the company recover from the credit crisis, haven’t been finalized. Details may be revealed when the company reports first-quarter earnings... More »

Morgan Stanley Boss Faces Shareholder Pressure

Mack lambasted for taking excessive risk, accumulating debt

(Newser) - With $11 billion in writedowns already on the books and a history of making risky trades and building debt, Morgan Stanley CEO and chairman John Mack is facing scrutiny from some shareholders, the New York Times reports. He has substantial support, but at least one activist group is pushing for... More »

Stocks Inch Up After Fed Action

Bad news and lingering doubts about yesterday's cut keep rally tame

(Newser) - Stocks gained slightly after the Fed's decision to join four other central banks in pumping cash into the global financial system. Following yesterday's plunge of nearly 300 points after the Fed cut interest rates by only a quarter-point, the Dow gained 41.13 to close at 13,473.90. The... More »

Wireless Giants Blocking New Mobile Services

Verizon, AT&T, keep competitors away

(Newser) - Wireless service giants AT&T and Verizon may be blocking other companies' devices and applications to defeat potential competition. Business Week reports that a discount international cell phone service, a wireless banking service, and PayPal, trying to bring its online payment service to wireless, were all obstructed by one or... More »

Embattled Merrill Chief Stepping Down

O'Neal will announce departure; Fink leading contender for CEO

(Newser) - Merrill Lynch CEO Stan O’Neal has decided to step down, the Wall Street Journal reports, after days of speculation about his likely ouster following $8 billion in writedowns for the bank, and reports that he had discussed a merger with Wachovia without board authorization. The list of potential successors... More »

Dow Dives 367 on 'Black Friday'

(Newser) - Wall Street observed the 20th anniversary of Black Monday with an absolute bloodbath today as the Dow fell a whopping 366.94 points to close at 13,522.02. Wachovia, Caterpillar, and Honeywell led a host of disappointing earnings reports, driving every major index down over 2.5%. The S&... More »

Top Banks Borrow $2B From Fed

Bid to encourage other banks to borrow to shore up credit markets

(Newser) - America's biggest banks—Citigroup, Bank of America, J.P.Morgan Chase and Wachovia— have borrowed a total of $2 billion from the Federal Reserve at the government's so-called discount window. It's an attempt to shore up the faltering credit markets by encouraging smaller banks to borrow from the Fed without... More »

Wachovia Nabs A.G. Edwards

Deal takes aim at small investors, creates country's No. 2 retail brokerage

(Newser) - Wachovia will buy A.G. Edwards for $6.8 billion, forming the nation's number two retail brokerage. Wachovia's $89.50 per share offer for the historic Midwest brokerage—it survived the crash of '29—helps the bank further expand its growing securities arm. The combined company will manage over $1... More »

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