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Wachovia offers a recording on its third-quarter results
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Published: October 21, 2008
CHARLOTTE -- Wachovia Corp. said yesterday that it will offer only a recorded message for comment on its third-quarter financial report, out Wednesday, rather than hold a conference call with analysts to take questions about its performance.
The report is expected to be Wachovia's last as an independent company. Wells Fargo & Co. expects to close on its deal for Wachovia, valued at $13.5 billion yesterday, by the end of the year. The deal still has to be approved by Wachovia shareholders. A date for the shareholders vote has not been set.
Analysts said that Wachovia's third-quarter results could be worse than the $8.9 billion loss it took in the second quarter, considering the bank's financial situation deteriorated during the quarter to the brink of collapse.
Tony Plath, a finance professor at UNC Charlotte, said that Wachovia is now essentially a corporate caretaker, and that the use of a recorded message is appropriate "given these extremely abnormal circumstances."
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