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Financial stocks finished lower Tuesday in a volatile session in which Washington Mutual(WM) skyrocketed and battered mortgage giants Fannie Mae(FNM) and Freddie Mac(FRE) continued to take their lumps.
The government-sponsored mortgage giants were once again a focal point of the market, as Fannie Mae collapsed nearly 30% at one point in trading and Freddie Mac [...]

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 [...]

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 [...]

Wachovia Corp. is making changes to its controversial “pick-a-payment” mortgage loans and eliminating loans that can lead to higher loan balances over time for borrowers.
The changes effectively spell the end of the Pick-A-Pay product that Wachovia acquired with its purchase of Golden West Financial Corp. Effective immediately, the bank is discontinuing the minimum-payment option on [...]

Europe’s banks need to head back out on the fund-raising circuit. They may have to bring in as much as $141 billion, according to Goldman Sachs. Reuters writes that this capital will be necessary “to reach an aggregate Tier I ratio of 9 percent — a level achieved by European banks that have recapitalized recently.”
Since [...]

Wachovia Corp. has dropped advertising agency Mullen from the bank’s review of its estimated $120 million advertising account.
Massachusetts-based Mullen had handled Wachovia’s business for more than a decade.
“Wachovia appreciates and values the partnership we have had with Mullen for the past 12 years,” a Wachovia spokeswoman says. “The agency served us well during a time [...]