US bank admits sub-prime emergency

 

· Wachovia to cover losses with $7bn fundraising 
· Uncertainty continues over Bradford & Bingley

The gloom enveloping the banking sector worsened yesterday after America’s fourth-largest bank, Wachovia, admitted it needed to raise $7bn through an emergency fundraising after running up losses caused by the sub-prime mortgage crisis.

The North Carolina-based bank incurred a surprise $350m loss in the first quarter of 2008 compared with a $2.3bn profit a year earlier, driving its shares down 10%.

(Continue reading: Guardian)

 

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Posted in Economics, Globalization, Money, Reports/Studies/Books

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