Posted AT 8:35 AM EDT on 22/07/08
Wachovia posts $8.9-billion loss
NEW YORK — Wachovia Corp, the fourth-largest U.S. bank, on Tuesday posted an $8.86-billion (U.S.) second-quarter loss, slashed its dividend and announced 6,350 job cuts after losses tied to mortgages soared.
Its shares fell $1.67, or 12.7 per cent, to $11.51 in premarket trading.
The net loss for the Charlotte, North Carolina-based bank equalled $4.20 per share, and compared with a profit of $2.34- billion, or $1.22, a year earlier.
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