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]