CHARLOTTE, N.C. - Wachovia Corp. will slash its dividend and raise $7 billion in a share sale after reporting a surprising first-quarter loss on Monday of $393 million.
"I'm deeply disappointed with our first quarter results," Chief Executive Ken Thompson told analysts on a conference call. "I know these actions aren't without cost. I wish they weren't necessary, but they are."
The first-quarter loss for the Charlotte-based bank works out to 20 cents a share. That compared with profit of $2.3 billion, or $1.20 a share, a year earlier.
Excluding merger-related and restructuring charges, the bank lost $270 million, or 14 cents a share.
Revenue fell 4.5 percent to $7.89 billion from $8.27 billion last year.
Read Complete Story
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment