Wachovia has $8.9B loss, cuts 6,350 jobs

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Wachovia has $8.9B loss, cuts 6,350 jobs

Story Published: Jul 22, 2008 at 2:18 PM EDT

Story Updated: Jul 22, 2008 at 2:18 PM EDT

CHARLOTTE, N.C. (AP) - Charlotte, North Carolina-based Wachovia
says it lost nearly $9 billion in the second quarter. It says it will cut 6,350 jobs.

The nation's fourth-largest bank by assets says it lost the
equivalent of $4.20 per share in the period from April to June.

Wachovia earlier cut its quarterly dividend to five cents per
share, down from 37.5 cents. That will save about $700 million
of capital per quarter.

Wachovia's chairman calls the results ``disappointing and
unacceptable.''

The bank said Monday it plans to leave the wholesale mortgage
lending business.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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