Wachovia (WB Quote) on Wednesday reported a net loss of $23.9 billion in the third quarter, as the Charlotte, N.C., bank took an $18.8 billion goodwill impairment charge ahead of its planned merger with Wells Fargo (WFC Quote).
Wachovia lost $23.9 billion, or $11.18 a share, vs. a loss of $9.1 billion, or $4.31 a share, in the second quarter and a profit of $1.6 billion, or 85 cents a share in the third quarter last year. Excluding an $18.7 billion after-tax charge for goodwill impairment, $414 million in net merger-related and restructuring expenses, Wachovia posted a net loss of $4.76 billion, or $2.23 a share.
"Although this has been a challenging quarter, Wachovia's underlying businesses remain solid and our franchise exceptionally attractive," CEO and President Robert Steel said in a company statement. "We look forward to the opportunities that lie ahead as we join forces with Wells Fargo." ...
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