Washington Mutual reports 2Q loss of $3.3 billion
Summary from United States, from articles in English
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Investors who were growing optimistic after a string of upbeat bank results in recent days were jolted Tuesday when Wachovia, the nation's fourth-largest bank, racked up an $8.86 billion loss because of charges and reserves for bad mortgage loans. (article 6)
Retail brokerage firm E-Trade Financial Corp. said Tuesday it swung to a loss during the second quarter due to a sharp increase in loan-loss provisions. (article 5)
The net loss for the Charlotte, North Carolina-based bank equaled $4.20 per share, and compared with a profit of $2.34 billion, or $1.22, a year earlier. (article 8)
CHARLOTTE, N.C. Wachovia Corp. reported a surprisingly large second-quarter loss today, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well. (article 7)
Third-quarter net earnings rose to $108.7 million, or 87 cents per share, from $74.8 million, or 61 cents, in the year-ago period, beating analysts' estimates by 5 cents per share. (article 3)
Results include a previously disclosed, one-time reduction of $3.24 per share related to the company's $7.2 billion capital raise in April. (article 4)
The nation's second-largest bank by assets said Monday its profit fell 41 percent as losses in its struggling mortgage operations were offset by business in other parts of the company. (article 2)
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Source articles
- Rivals' sales hit Boston Scientific (boston.com, 07/22/2008, 811 words)
- BofA 2Q profit shrinks, beats Wall Street :: CHICAGO SUN-TIMES :: Earnings (suntimes.com, 07/21/2008, 831 words)
- Jacobs Engineering earnings rise 31 percent (Washington Post, 07/22/2008, 174 words)
- Washington Mutual reports 2Q loss of $3.3 billion (Washington Post, 07/22/2008, 384 words)
- E-Trade swings to loss in 2Q (money.cnn.com, 07/22/2008, 580 words)
- Investors question financial sector rebound (Washington Post, 07/22/2008, 924 words)
- Wachovia loses $8.9B, cuts 6,350 workers, dividend (L.A. Times, 07/22/2008, 895 words)
- Wachovia loses $8.86 billion, slashes jobs (Washington Post, 07/22/2008, 327 words)
- Wachovia Faces Shallow Reserves but Says It Is Setting Aside More Capital (Washington Post, 07/22/2008, 616 words)
- Money & Company (latimesblogs.latimes.com, 07/22/2008, 302 words)
- WaMu has $3.33 bln loss, says needs no new capital (Washington Post, 07/22/2008, 268 words)
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