Wachovia Corp (NYSE: WB) led the US based banks posting dismal second quarter earnings as losses piled up related to the mortgage crisis and other debt the company failed to account for. The total loss for Wachovia was $8.86 billion according to Reuters which also reported Fifth Third Bancorp (NasdaqGS: FITB) and KeyCorp (NYSE: KEY) posted losses which have many bank customers wondering if their bank will be the next IndyMac.
Regions Financial Corp (NYSE: RF) and SunTrust Banks Inc (NYSE: STI) also posted losses. A SunTrust representative stated profit available to common stockholders fell 21 percent to $535.3 million, or $1.53 per share, from $673.9 million, or $1.89, a year earlier. Regions said net income fell 54 percent to $206.6 million, or 30 cents per share, from $453.3 million, or 63 cents, hurt by losses tied to home equity loans and homebuilders.
Full story :Wachovia Earnings Dismal for Q2 |
| 
Jul 22, 2008, 11:36:09 AM
