Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Wachovia?s earnings slide from sub-prime exposure

Staff Reporter 1 minute read

One of America’s largest banks, Wachovia, reported a net loss for the first quarter of 2008 of US$393 million ($424.3 billion) compared with earnings of US$2.3 billion ($2.5 billion) the year prior – an indication that the sub-prime crisis is showing no signs of abating.

Advertisement
Advertisement
Chief executive of Wachovia Kennedy Thompson said he was deeply disappointed with the results but was confident in the bank’s “prudent and appropriate” actions to restore a more profitable path.

Immediate actions to replenish the bank’s capital include a US$7 billion ($7.5 billion) share sale as well as a reduction in its quarterly dividend by 41 per cent.

Published: 15-04-08

Wachovia?s earnings slide from sub-prime exposure
default
TheAdviser logo
default

TODAY'S POLL

View results >

Who do you aggregate through?

Thank you for your vote, you can see the results here.

more from the adviser
handshake join ta Time Home Loans welcomes new appointment

Queensland-based brokerage Time Home Loans has appointed broker a...

arrow up increase ta Major bank hikes fixed rates amid turnaround time debacle

A big four bank has announced that it has increased its fixed rat...

parliament house ta Government overstates JobKeeper uptake

A “reporting error” identified by Treasury and the ATO has re...

FROM THE WEB