Articles Tagged with ''Golden West Financial''

Wachovia Reports $23.9 Billion Net Loss in Q3

Wachovia Corp. [stock WB][/stock] announced Wednesday a net loss of $23.9 billion -- or $11.18 per share -- in the third quarter of 2008. Most of the hefty loss includes $18.8 billion in goodwill write-downs, although some came in the form of mortgages.
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Wachovia Revises Q2 Loss Downward, Ups Mortgage Job Cuts

For the second straight quarter, North Carolina-based Wachovia Corp. [stock WB][/stock] revised a quarterly loss and said it lost more money than originally estimated; in this case, the revision was tied to a possible legal settlement of auction-rate-securities claims with state and federal regulators, according to a late Monday filing with the Securities and Exchange Commission.
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Wachovia CEO: No More Management Changes

After watching a veritable parade of senior execs leave in recent months -- forced out or otherwise -- newly-installed CEO at Wachovia Corp. [stock WB][/stock] Richard Steel said yesterday afternoon that the company had no further plans to make management changes.
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Wachovia CFO to Step Down

The parade of senior executives leaving their posts -- or being forced to leave -- continued Friday, with Wachovia Corp. [stock WB][/stock] annoucing late Thursday that CFO Thomas Wurtz has made plans to exit as soon as the company can locate a replacement. Wachovia said in a press statement that it "will begin an immediate search for a replacement."
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Wachovia's Newest Color: Red

Wachovia Corp. [stock WB][/stock] reported earnings Tuesday, and reminded investors that the mortgage and credit crisis hasn't gone anywhere, despite a spate of better-than-expected earnings earlier this week from some of the nation's largest banks.
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Wachovia Taps Steel as CEO; Warns on Huge Q2 Loan Loss Provision

Wachovia Corp. [stock WB][/stock] said late Wednesday that it had named Robert Steel its new CEO, president and member of the board of directors -- a move that has met with mixed reaction from analysts thus far. Steel was until very recently the under secretary for domestic finance at the U.S. Treasury, and a confidant for Treasury chief Henry Paulson. Both men are alums of Goldman Sachs Group [stock GS][/stock].
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Wachovia Ditches Pick-A-Pay, Will Waive Prepayment Fees on Option ARMs

In a nod to increasing investor and credit rating agency concern over mushrooming exposure to its now-infamous Pick-A-Pay mortgages, Wachovia Corp. [stock WB][/stock] said on Monday afternoon that it would no longer offer negatively amortizing mortgages to customers. So-called option ARMs were originated in force during the recent housing boom, and have recently led to large losses for the banks involved in making them.
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Fitch Mulls Downgrade of Wachovia over Option ARMs

The infamous Pick-a-Pay is coming home to roost at Wachovia Corp. [stock WB][/stock], with Fitch Ratings warning on Friday of a likely downgrade to the Charlotte, North Carolina-based bank over concern about the company's mortgage exposure. It's a warning that some insiders told HW Friday afternoon was long overdue.
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Key Analyst Slashes Earnings Outlook at Wachovia

Wachovia Corp. [stock WB][/stock], in the headlines more often than not in the past year for its ill-timed acquisition of option ARM specialist Golden West Financial, saw its shares wobble Tuesday in pre-market trading after a team of analysts at Morgan Keegan and Co. took out the proverbial red pen to their estimates of the bank's earnings for 2008.
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