WASHINGTON (AFP) — Wachovia, a major US banking group, has warned investors it could post a second quarter loss as large as 2.8 billion dollars as loan and property-related losses continue to roil its finances.
The Charlotte, North Carolina-based, bank is due to announce its second quarter earnings on July 22. It warned of swelling losses [...]

NEW YORK (Thomson Financial) - Bank of America Corp. Chief Executive Kenneth Lewis said he sees no reason for the bank to either raise capital, or to cut dividends, as feared by the financial markets.
Speaking at a public meeting in Los Angeles Wednesday, he said he believes the U.S. economy could begin to recover [...]

Citigroup’s Inc.’s shareholders have nothing but losses to show for Chuck Prince’s four-year tenure as CEO of the financial giant.
Now he gets a chance to give advice to Xerox Corp.’s CEO, Anne Mulcahy: Xerox’s directors today elected Prince to join them on the copier company’s board.
It just goes to show that even when [...]

This may be old news to some of you, but it was news to me: Bank of America “plans to dump the Countrywide name early next year.”
This from today’s L.A. Times: “… Bank of America still plans to dump the Countrywide name early next year in favor of the Bank of America brand, Bank [...]

Morgan Stanley slashed its estimates for large-cap banks again this morning–and cut Bank of America (BAC) to SELL. On a positive note, it now hates Fifth Third (FITB) slightly less than it used to.
Morgan’s BAC target goes from $33 to $15. Specifically, Morgan is wary of BAC’s buyout of Countrywide Financial, and expects BofA to [...]

Wachovia’s selection of a new chief executive, former U.S. Treasury Undersecretary Robert Steel, did little to put to rest speculation about the bank’s future on Thursday.
Steel, who helped guide the Treasury’s handling of the Bear Stearns crisis in March, was named to the job late on Wednesday. When investors had a chance to react Thursday [...]

Wachovia Corp (WB) opened at $14.14. So far today the stock has hit a low of $13.67 and a high of $14.14. WB is now trading at $14.04, up 0.15 (1.08%). After hitting a one-year high of $53.10 in September, the stock hit a one-year low of $13.38 yesterday. WB shares are trading higher this [...]

CHARLOTTE, N.C., July 10 (UPI) — Wachovia Corp. (AMEX:AWO)’s chairman and new chief executive officer said the U.S. bank had made a mistake buying California firm Golden West Financial Corp.
“There’s been a complete recognition at the board level that Golden West was a mistake and that we have to deal with the consequences of it,” [...]

CHARLOTTE, N.C. (AP) — Wachovia Corp. named Treasury Undersecretary Robert Steel chief executive on Wednesday, ending a nearly six-week search for a new leader.
But now the nation’s fourth-largest bank must convince shareholders — as well as employees — that it made the right decision. Wachovia said Steel plans to hold a meeting with employees Thursday [...]

NEW YORK (Reuters) - U.S. bank stocks plummeted to their lowest level in more than a decade on Monday after analysts’ forecasts for soaring credit losses convinced investors that next week’s quarterly earnings reports could fall short of already low expectations.
The shares of Citigroup Inc (C.N: Quote, Profile, Research), Bank of America Corp (BAC.N: Quote, [...]