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One of America’s largest banks, Wachovia, reported a net loss for the first quarter of 2008 of US$393 million ($424.3 billion) compared with earnings of US$2.3 billion ($2.5 billion) the year prior – an indication that the sub-prime crisis is showing no signs of abating.
Chief executive of Wachovia Kennedy Thompson said he was deeply disappointed with the results but was confident in the bank’s “prudent and appropriate” actions to restore a more profitable path.
Immediate actions to replenish the bank’s capital include a US$7 billion ($7.5 billion) share sale as well as a reduction in its quarterly dividend by 41 per cent.
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Published: 15-04-08
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