WACHOVIA'S $9 BILLION LOSS
NEW YORK (CNNMoney.com) – Wachovia Corp. has posted an $8.9 billion loss for its second quarter.
Wachovia's quarterly report followed those of peers Bank of America, Citigroup, JPMorgan and Wells Fargo, all of whom reported hefty losses or declines in profit.
Excluding a one-time, $6.1 billion charge related to "declining market valuations," the North Carolina–based bank said it lost $2.67 billion, or $1.27 per share.
It was the second consecutive quarterly loss for Wachovia, marking the first time the bank reported back-to-back losses in 20 years.
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