Wachovia Corp. 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. The nation's fourth-largest bank by assets said it lost $8.86 billion, is slashing its dividend and eliminating 10,750 positions after losses tied to mortgages soared.

 

Submitted: Jul 22, 2008    Views: 93    Comments: 2    Likes: 1   


View Article: http://www.boston.com/business/articles/2008/07/22/wachovia_has_89b...



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Comments Received:

Sam Cass
Sam_Cass

Banks are up. The losses although bad were not as bad as analysts expected. In addition, Wachovia today reported that it will not be seeking additional capital. Stock is up.

Whether this is a true rally or just a brief interlude to financial pain remains to be seen.

Posted: Jul 22, 2008

Author/Submitter Response:

Hi Sam,
I also really curious to see how many people they actually layoff.
Thanks,

JRodgers

This is nothing more than a big bear market bounce. The financials will go back and retest their lows. Their problems do not go away just from laying people off.

Posted: Jul 23, 2008



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