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 5/10 Good --- www.charlotte.com http://www.charlotte.com/122/index.rss
| News, sports and entertainment from Charlotte.com ... |
Tuesday, May 13, 2008 --- 73 days ago http://www.charlotteobserver.com/business/story/621483.html
| Under fire for a spate of regulatory and financial missteps, Wachovia Corp. on Monday said it will hire an outside party to analyze its internal controls and risk management practices. Chief executive Ken Thompson, in his first public remarks since losing his chairman post last week, also touted the Charlotte bank's strengths, saying a recent string of bad news should not give the perception of a "company in crisis." "I want to assure you that is not the situation at all," Thompson said at a financial services investor conference in New York, adding that he is "100 percent committed" to addressing the company's problems. Thompson said Wachovia's retail bank and other healthy units will help it through a downturn in the housing market that is spurring rising loan losses and big mortgage-related writedowns. The bank also is pursuing "detailed strategies" to "remediate" problems in its corporate and investment bank, as well as its mortgage unit, he said. This has included job cuts in both areas. Wachovia has had a miserable few weeks, marked by a larger-than-anticipated first-quarter loss, an expected second-quarter charge from controversial leasing tax shelters and a settlement with federal regulators over ties to telemarketers. Personally, Thompson has faced calls from shareholders to resign and lost his chairman title to Lanty Smith, the bank's lead independent director. Thompson acknowledged that some of the bank's problems were ... |
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