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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.

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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
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