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news Wachovia Corp. makes record quarterly loss; Adjustable Rate Mortgage Blog
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Wachovia Corp. makes record quarterly loss

11/13/08 21:24

Florida's largest bank has just received its largest quarterly loss in its history. Wachovia Corp. announced that it lost around $24 billion last quarter, dwarfing the $14 billion stake that Wells Fargo is using to buy the said bank.

In this case, the bank might have to resort to goodwill impairment with Wells Fargo to continue with the merger. More details here from TampaBay.com

Link: Wachovia Corp. posts $24-billion quarterly loss - St. Petersburg Times

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