Wachovia to Raise Allowance for Loan Losses in Fourth Quarter

Discussion in 'Wall St. News' started by ASusilovic, Nov 9, 2007.

  1. Nov. 9 (Bloomberg) -- Wachovia Corp., the fourth-largest U.S. bank, said it expects to increase its allocation for loan losses to as much as $600 million in the fourth quarter.

    ``Wachovia now expects to record a loan loss provision in the fourth quarter of 2007 by an amount estimated to be between $500 million and $600 million in excess of charge-offs for the quarter,'' Charlotte, North Carolina-based Wachovia said in a filing with U.S. regulators dated yesterday. The company cited ``anticipated loan growth and the impact of continuing credit deterioration in our loan portfolio.''
  2. This will be the trigger for a week of a 500 plus point down move
    on the DJIA.