As it announced earnings, Wachovia (WB) told the market that it would have to nearly destroy itself to make a comeback.
The big bank lost $8.86 billion, or $4.20 a share, in the second quarter, hurt by a $6.1 billion impairment charge on declining market valuations and asset values.
Wachovia will reduce the quarterly common stock dividend to five cents per share, which will save approximately $700 million of capital per quarter. It will also exit the wholesale mortgage origination business.
Shares fell as much as 10% before the bell.
Douglas A. McIntyre
Travel Cards Are Getting Too Good To Ignore
Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.
We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.
It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.
We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.
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