Wachovia Corp loses a cool 10% profit!

Wachovia Corp., the nation's fourth largest bank, had its profit plummet nearly 10% as a result of the sub prime and the credit mess. With economic data indicating a bleak future ahead for the corporates at least for quite some time to come, the bank may find its next Q statement a revelation of sorts. The bank has in the meantime decided to let a few people of the 110,000 staff that it employs, go. While there are some who may accuse the bank of having a 'knee jerk' reaction to the loss of a 10% profit, the weak economic trends are continuing and will do so for sometime to come. Therefore, this is a right decision for the bank to take under the circumstances.

bank,america,sub prime,