Moving 10,750 jobs, including about 6,350 positions, largely in its mortgage business, and another 4,400 contractors and other positions across the bank.
Also Tuesday, the country’s largest savings and loan, Washington Mutual, late Tuesday reported a second-quarter loss of $3.33 billion, increasing its reserve for loan losses by $3.74 billion.
At Wachovia, investors had been bracing for large losses since the bank named Robert K. Steel, a former Treasury under secretary, as chief executive, to help steer it through the housing crisis. At the time, the bank said that it anticipated a loss of $2.6 billion to $2.8 billion on top of an unspecified merger-accounting charge. (mehr…)
