It is earnings season on Wall Street as the second quarter numbers from companies are coming out. Bank and financial company earnings are being carefully watched to see if there is an end in site to the ongoing credit issues as a result of the housing market bubble being burst.
The big name out this morning was Wachovia, with an $8.86 billion quarterly loss, or $4.20 per share. Not only was there a loss, but the company also “slashed its quarterly dividend by 87 percent to 5 cents per share.” And, of course, it will now eliminate another 10,700 jobs. The size of a small city…
Standard news coming out of the financial industry, right? Yes, but there are significant implications for those who work in the financial industry – and for those who don’t.
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