Wachovia reported a second-quarter loss of $8.9 billion, or $4.20 per share, while slashing its dividend by 87%.
There will be conintued stresses "until the housing market stabilizes further," said Treasury secretary Henry Paulson.
After weeks of slumbering on the sidelines, Christopher Cox and the Securities and Exchange Commission have become engaged in the financial crisis that has swept the markets.
In the wake of moves this month by Ladenburg Thalmann Financial Services Inc. and First Allied Securities Inc. to acquire broker-dealers, more deals for independent-contractor firms are on the horizon, according to industry observers.
An index of leading indicators, which gauges the economic outlook for the next three to six months, fell 0.1% in June.
A growing number of investors are looking beyond conventional office buildings and shopping malls, and parking their cash in the infrastructure that surrounds them — in particular, toll roads, bridges, electrical transmission lines, communication lines and pipelines.
The Charlotte, N.C.-based bank booked second-quarter net income of $3.41 billion compared to $5.76 billion in the year-ago period.
Although the stock prices of mortgage giants Fannie Mae and Freddie Mac were bruised, a handful of mutual funds continue to hold the securities, either because they underestimate the risk or because they are smarter than the average bear.
Wachovia Securities LLC of St. Louis continues to file lawsuits against groups of legacy A.G. Edwards brokers who have left the firm.
How's this for a business model: invite really, really rich people to join an exclusive club, charge them not inconsiderable fees, and encourage them to share concerns and investment ideas.
American Equity Investment Life Insurance has settled a class action for $16.4 million over abusive annuity sales.
Economists at major U.S. corporations believe that the economy will steer clear of a recession.
Citigroup lost $2.5 billion in the second quarter while Merrill Lynch was down $4.65 billion.
the S&P 500 is down 2.95% this decade — well below the 2.04% real advance during the 1930s.
Clients would have to have a net worth of at least $1.5 million for investment advisers to charge them performance fees.
Wilmington Trust reported a second-quarter loss of $19.5 million on impairment charges and a securities loss.
JPMorgan Chase & Co. reported that its second-quarter earnings were 53% below last year’s levels.
Regulators raided the St. Louis headquarters of Wachovia seeking records related to the sale of auction rate securities.
Second-quarter profits edged up 1% at The Charles Schwab Corp. to $295 million, or 26 cents a share.
UBS plans to buy back up to $3.5 billion of its auction rate securities after it was accused of fraudulent practices.
