Wachovia: We Just Lost $8.9 Billion!

By July 22, 2008

Wachovia just lost $8.9 billion dollars, and will cut 6,350 workers as the credit crisis keeps on truckin’, says the Associated Press. This is um, a lot more than Wall Street had been expecting. Earlier this month, Wachovia had projected a $2.6 billion loss.

“These bottom-line results are disappointing and unacceptable,” Chairman Lanty Smith said in a statement. “While to some degree they reflect industry headwinds and weaker macroeconomic conditions, they also reflect performance for which we at Wachovia accept responsibility.”

Hang in there, Lanty.

Wachovia loses $8.9B, cuts 6,350 workers, dividend [BusinessWeek]

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Comments

  1. ILoveVermont says:
    July 23, 2008 at 2:44 pm

    By law, I do believe that if you tell a creditor (not just a debt collector, but the creditor itself) to stop calling you about your debt, they have to stop. Otherwise, it’s illegal harassment.

  2. hustler says:
    July 23, 2008 at 7:55 pm

    I’d like to know how much Lanty took home in the form of a bonus last quarter.

  3. Phexerian says:
    July 23, 2008 at 10:00 pm

    @timmus: Sounds like a good idea. I wonder though, how could they contact you if there was a problem with your account? I guess they could send a letter in the mail. The other thing I would be worried about, is that if for some reason, you had to fight them in court, they could use it against you in court saying that, you pulled out a loan and didn’t give us accurate contact information. I guess the argument to that is, give them a phone number that is only one number off, so you can plead that it was a mistake.

  4. xsmasherx says:
    July 24, 2008 at 1:28 am

    @bonzombiekitty: “You get a return on your savings account because…” – yabbut I don’t get a return on my savings account. I remember, in the 80′s, getting 8 to 10 percent on savings and CDs – but those days are long gone. I get a fraction of a percent in interest on my savings account – if, that is, I kept over $3k in it. Otherwise I pay a monthly penalty for the pleasure of loaning them my money.

  5. phrits says:
    July 26, 2008 at 2:10 pm

    Incidentally, picking on Lanty is largely misplaced. He stepped in as interim CEO when Ken Thompson was asked to leave only last month. And Ken may have taken more of the fall than was really his sole due, but I suspect he’ll land on his feet.

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