Wachovia News

Wachovia posted an unexpected loss for the first quarter ($393 million or 20 cents a share) on Monday, reduced its dividend (to 37.5 cents a share from 64 cents, which will save $2 billion a year) and said it would raise about $7 billion through the sale of common and convertible preferred stock because of mounting housing losses and an ill-timed acquisition of Golden West Financial. Revenue fell 4.5% to $7.89 billion from $8.27 billion. The company also said it plans to cut 500 jobs in its investment and banking unit. Company shares fell $2.26, or 8.1%, to $25.55.