It is a good thing Wachovia (WB) will not have to go it alone. It would not make it.
Wachovia reported a net loss in the third quarter of 2008 of $23.89 billion, representing a net loss per share of $11.18, including a provision for credit losses of $6.63 billion to cover $1.87 billion in net charge-offs and to build reserves by $4.76 billion.
The third quarter 2008 net loss compared with earnings of $1.62 billion or 85 cents per share in the third quarter of 2007
The $18.8 billion in noncash goodwill impairment reflecting declining market valuations and the terms of the merger with Wells Fargo (WFC); the recognition of the impairment affected the retail and small business, commercial, wealth management and asset management subsegments.
Wachovia’s general bank which includes retail, small business and commercial customers, is the only unit which did well. It has segment earnings of $857 million down from $1.5 billion a year ago. But, at least it did not lose money
Douglas A. McIntyre
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
