Wachovia loses $8.9B, cuts 6,350 workers, dividend

July 22, 2008 CHARLOTTE, N.C. (AP) — Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street’s hopes that the nation’s big banks are weathering the credit crisis well. The nation’s fourth-largest bank by assets said it lost $8.86 billion, is slashing its dividend and eliminating 10,750 positions after losses tied to mortgages soared. Full Report