The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Peter V who wrote (116547)	4/14/2008 6:36:53 AM
From: Peter V	Read Replies (2) of 306849

Wachovia Has 1Q Loss; Raising Capital . Monday April 14, 6:25 am ET Wachovia to Slash Dividend, Raise Capital After 1Q Loss of $350 Million CHARLOTTE, N.C. (AP) -- Wachovia says it's cutting its dividend to 37.5 cents and going to issue common stock and convertible preferred stock after reporting a loss during the first quarter of $350 million before preferred dividends. Excluding merger-related expenses, the Charlotte-based bank lost 14 cents a share. It earned $2.3 billion, or $1.20 a share, in the year-earlier period. The results were worse than analysts had expected. According to Thomson Financial, Wall Street analysts had expected Wachovia to earn 40 cents per share. Wachovia said cutting its quarterly dividend will save $2 billion of capital annually "to build capital ratios and provide more operational flexibility." .

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