Monday, April 14, 2008

Wachovia moves into loss and cuts dividend

Shares in Wachovia fell 12 per cent to $24.48 in pre-market trading.

Go to Financial Times original
Wachovia, the fifth largest US bank by market value, confirmed on Monday it planned to raise $7bn in capital through a public offering as it slashed its dividend and slumped to a first quarter loss.

The bank also made a $2.8bn provision to cover losses on mortgage-related investments.


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