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Wachovia Unsuccessful In Bid To Beat Bank of America In Incompetence

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Wachovia said today that it wrote down $1.3 billion in loans and other securities in the third quarter, which contributed to a profit decline of ten percent. WB’s net income was $1.69 billion (89 cents/share), down from last year’s $1.88 billion ($1.17/share). Analysts had predicted that the bank would perform worse, quarter-on-quarter, but had underestimated how much worse, forecasting earnings of $1.03 per share. Investment banking declined a respectable (compared to 93 percent) 80 percent, to $105 million, from last year’s $533 million. Chief Executive Officer Kennedy Thompson called the results ``disappointing,” especially for those Wachovia employees who will be laid off as a result.
Wachovia's Net Falls 10% On Loan-Loss Provisions [WSJ]