Wachovia posted an $8.86 billion second-quarter loss, slashed its dividend and announced 6,350 job cuts after losses tied to mortgages soared. Wachovia has been among the major lenders hardest hit by the nation's housing crisis, following a disastrous $24.2 billion purchase in October 2006 of Golden West Financial, a California mortgage specialist.
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10-4-2026
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