July 15 (Bloomberg) — Wachovia Corp. fell 7.7 percent after saying it’s “a fundamentally strong and stable company on solid footing.”
Wachovia has $150 billion in liquidity, spokeswoman Christy Phillips Brown said today in an e-mailed statement. The bank attracted $800 million in deposits yesterday and remains well capitalized with more than $50 billion in [...]

uly 11 (Reuters) - Fox-Pitt Kelton cut Wachovia Corp’s (WB.N: Quote, Profile, Research, Stock Buzz) rating and price target on its expectation that the bank would announce a big capital raise and a further dividend cut when it announces second-quarter results on July 22.
The brokerage cut the bank to “in-line” from “outperform,” and slashed its [...]

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 [...]

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 [...]

Storm clouds continue to gather over the economy and the market. With the major indexes near their 52-week lows and their lows for the year to date, the market is telling us that the worst of the credit crisis may not be behind us. Here are some of this week’s highlights.

Treasury Secretary [...]

 
By Evelyn Juan and Marshall Eckblad
Of DOW JONES NEWSWIRES
Wachovia Corp.’s (WB) interim CEO, Lanty Smith, told employees that the troubled bank, which needs to conserve capital as it faces mounting losses from souring mortgages, will begin a companywide effort to reduce expenses.
Smith announced the broad cost-cutting measures in a memo dated Friday; a copy was [...]

BOTTOM-DIVING AT WACHOVIA
Things have gotten so dire at Wachovia (WB) that it’s own partners are anxious to sell, even if it means getting out at the bottom. That’s the take of the braintrust at the New York Post, which has reported that Prudential (PRU), which is still holding a 23% stake in the banking concern’s [...]