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Wachovia has $8.9B loss, cuts 6,350 jobs, dividend
Shares sink to mid-1991 levels
Ieva M. Augstums, AP Business Writer
Published: July 22, 2008 02:52
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Excerpt: {magazine_leadin}CHARLOTTE, N.C. (AP) _ Wachovia Corp. lost $8.86 billion in the second quarter, and said Tuesday it was slashing its dividend and cutting 6,350 jobs after losses tied to mortgages soared. Even excluding one-time items, the results substantially missed Wall Street estimates, and shares sank to mid-1991 levels in premarket trading. “These bottom-line results are disappointing and unacceptable,” Chairman Lanty Smith said in a statement. “While to some degree they reflect industry headwinds…
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