Wachovia takes big hit on the market

Kenya News.Net
Tuesday 22nd July, 2008

US banking giant Wachovia has announced a quarterly loss of US$8.662 billion.

The loss amounted to 4.20 dollars per share, far above the average Wall Street forecast of a loss of 78 cents per share.

Wachovia has announced it will cut 5,350 jobs by the end of 2009 as it restructures in the face of a difficult environment.

Credit firm Standard & Poor's has downgraded its rating on Wachovia but said the outlook is now stable.

It said the bank was hurt by its acquisition of mortgage firm Golden West but is now taking steps to bolster its finances.

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