Wachovia Worsens but Still Survives
After initially announcing job cuts of 6350 employees in July, Wachovia (NYSE: WB) this week said that as many as 6950 employees may now be out of work. That doesn’t include recent announcements of the departure of CFO Thomas J. Wurtz, and Chief Risk Officer Don Truslow. Wachovia is expecting the job cuts to cost as much as $650 million as it restructures it workforce. Recent days have seen the announcement of a class action lawsuit from shareholders, regulatory investigations, and increases in the amount estimated losses originally announced just a few weeks ago. Wachovia stock closed Monday at $18.21 per share off from its 52 week highs of more than $50.





