Published July 23, 2008, 12:00 AM
Wachovia, WaMu report big losses
Large second-quarter losses at Wachovia Corp. and Washington Mutual Inc. have revived concerns that the financial sector still has a long way to go before it recovers from the year-old credit crisis.
CHARLOTTE, N.C. (AP) — Large second-quarter losses at Wachovia Corp. and Washington Mutual Inc. have revived concerns that the financial sector still has a long way to go before it recovers from the year-old credit crisis.
Wachovia, the nation’s fourth-largest bank, racked up an $8.86 billion loss because of charges and reserves for bad mortgage loans. The Charlotte-based bank also cut its dividend for the second time this year and eliminated 10,750 positions.
Washington Mutual, the nation’s largest savings and loan, delivered a further blow, swinging to a $3.33 billion loss as it boosted its loan loss reserve to more than $8 billion.
Tags: banking, profits, wachovia, washingtonmutual
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