The Wachovia News

Depending on how you look at it, the news out of Wachovia this morning is either good or bad. Certainly, more than 10,000 job cuts companywide (which includes more than 4,000 open or temporary positions), a staggering loss of $8.66 billion last quarter, and the setting aside of an additional $5.6 billion to cover current or future losses qualifies as very, very bad. But this could also mean that Wachovia has hit bottom, and that new CEO Robert Steel is taking the decisive, swift action needed to refocus Wachovia on its core business and to set the bank up to remain independent. Let's hope so. Links to other coverage and perspectives after the jump.

 

New York Times: "Posting Huge Loss, Wachovia Tries to Purge Lending Woes" 

Wall Street Journal: "Wachovia Posts $8.66 Billion Loss, Slashes Dividend, Will Sell Assets"

WSJ Dealbook blog: "Wachovia-Golden West: Another Deal From Hell? 

Portfolio magazine: "Whoa, Wachovia! Deep loss shows challenge for new CEO"

Financial Times: "Wachovia Plunges to $8.66bn Loss"