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Saturday May 17 2008
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Wachovia splits two top jobs
Wachovia, the fourth largest US bank by assets, has stripped the chairmanship from Ken Thompson but left him as chief executive following big loan losses and regulatory problems. The move to install Lanty Smith as non-executive chairman of the board came two days after Wachovia nearly doubled the size of its Q1 loss to $708m after adding $315m in writedowns on the value of life assurance policies for its own employees. The fresh writedown came after the bank, hit by mortgage losses and rising credit costs, last month reported a $393m Q1 loss and revealed plans to raise $7bn in new capital.
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