Wachovia Bank Loses $8.9 Billion, Cuts 6,350 Workers

Courtesy Digg - Business & Finance  Wed, 07/23/2008 - 04:59

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.

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