Wachovia Unveils Cuts While Posting Profit
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The financial services giant Wachovia Corp. posted a 32 percent rise in fourth-quarter earnings Wednesday even as it confirmed plans to eliminate up to 4,000 jobs - about 4 percent of its workforce - by 2007.
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As more banks report write-downs tied  to the global credit crunch, analysts say Wachovia Corp   may have losses lurking in an area that has garnered less  investor attention.
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General Electric Co. and Wachovia Corp. stand to gain the most in new legislation to repeal a $50 billion tax break for US exporters ruled illegal by the World Trade Organization.
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Wachovia Corp. aims to increase its profile in the Northeast and Southwest by expanding its wealth-management division. The bank, based in Charlotte, said yesterday that it is buying Tanager Financial Services Inc.
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The cardiovascular device maker said its second-quarter profit, excluding charges, was $271 million, or 18 cents per share, compared with $412 million, or 31 cents per share, a year ago.
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NEW YORK, December 31  - Analysts at Wachovia Securities maintain their &quot;market perform&quot; rating on Hormel Foods Corp (HRL.
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Slashed earnings estimate pulls down shares.
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The company said fourth-quarter net profit fell 42 percent to 5.6 billion kronor ($880 billion) and announced it would cut 1,000 jobs as part of a cost-cutting strategy.
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Wachovia Corp. , the No. 4 U.S. bank, on Monday said it completed its $24 billion takeover of Golden West Financial Corp., the second-largest U.S. savings and loan.
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Wachovia Corp. (WB.N: Quote, Profile, Research) , the No. 5 US bank, on Friday said third-quarter profit rose 14 percent, helped by increased lending to consumers and a decline in bad loans.
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Kroger Co., the top US grocer, on Tuesday posted a 29 percent rise in quarterly profit due to cost controls, but price cuts to lure shoppers caused earnings to miss Wall Street estimates and shares fell.
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The company said fourth-quarter net profit fell 42 percent and announced it would cut 1,000 jobs as part of a cost-cutting strategy.
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The companyâs consumer segment, which accounts for more than half of the companyâs sales, posted a 16 percent drop in earnings as the cost of ingredients jumped.
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The candymaker cited lower sales, higher promotional costs and a charge to streamline operations.
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The company said profit dipped slightly due in part to higher energy and materials costs and more investment in advertising, but still matched Wall Streetâs expectations.
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Wachovia Corp  on Friday posted a 10 percent decline in quarterly profit, missing forecasts, as the fourth-largest U.S. bank suffered $1.3 billion of write-downs at its investment banking unit.
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Wachovia (WB:NYSE - news - research) and SouthTrust (SOTR:Nasdaq - news - research) agreed to divest themselves of 18 branches to reach a deal with the Justice Department.