Wachovia Mulls Options for Loan Portfolio
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Wachovia(WB Quote) shares were rising Tuesday, after a report it has hired Goldman Sachs(GS Quote) to assess the lender's troubled loan portfolio.
Goldman will be performing "analytics on our loan portfolio to evaluate serious alternatives," a Wachovia spokeswoman told the Charlotte Observer.
As the housing crisis has deepened, Wachovia's troubles have worsened. The bank suffered deep first-quarter losses caused by a deteriorating loan portfolio linked to residential mortgages that were brought onto the balance sheet when it acquired option adjustable-rate mortgage specialist Golden West. The bank said in May that it was splitting its chairman-CEO functions, amid the ensuing shareholder unrest and early this month, the board fired longtime CEO Ken Thompson. ...
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