Wachovia, Fifth Third, CME

Wachovia reported a second-quarter loss of $8.9 billion, or $4.20 per share, while slashing its dividend by 87%.
JUL 22, 2008
Wachovia Corp. and Fifth Third Bancorp took steep second-quarter losses, while CME Group Inc. profited from heavy market volatility. Wachovia reported a loss of $8.9 billion, or $4.20 per share, while slashing its dividend by 87%. The Charlotte, N.C.-based bank also announced 6,350 job cuts, according to published reports. The bank posted a profit of $2.34 billion, or $1.22 per-share, in the year-earlier period. Analysts polled by Thomson Reuters had expected a loss of 78 cents per share. Fifth Third posted a loss of $202 million, or 37 cents per share, as the lender set aside money to cover bad loans. The Cincinnati-based bank reported a profit of $376 million, or 69 cents per share, in the year-earlier period. Analysts surveyed by Thomson Reuters had expected Fifth Third to break even in the quarter. CME Group, the parent company of the Chicago Mercantile Exchange and the Chicago Board of Trade, earned $201 million, or $3.67 per share, in the second quarter. That compares with $126 million, or $3.57, per share in the year-earlier period. Analysts surveyed by Thomson Reuters had predicted earnings of $3.85 per share.

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