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• W280671444 abstract "The words chargeoff and hardly ever appear in the same sentence. This year they did. CEO Baker offers some reasons why For years, Wachovia Corp.--the $72-billion-asset king company with headquarters in Winston-Salem, N.C. and Atlanta--was banking's fair-haired child. With its legendary credit culture, pragmatic growth philosophy and respectable earnings, Wachovia stood as a role model of stability in a not-so-commonsensical competitive environment. Deflecting criticism that it was perhaps too conservative in what pundits dubbed an increasingly fast-paced, global economy, Wachovia maintained a steady course throughout the late 1990s, earning good marks in a variety of industry performance rankings. While other peers stumbled in the execution of overly ambitious expansion and re-engineering initiatives, Wachovia appeared to be on track. But the year 2000 would yield a host of challenges. Credit quality cracks began surfacing at a number of thanks to a changing interest-rate climate and economic fluctuations, among other factors. Sensing deteriorating credit on the horizon, Wachovia announced in June a $200 million additional loan loss provision to increase the loan loss reserve. Simultaneously, it said that earnings for the year looked doubtful, with respect to meeting investor expectations, thanks to revenue weakness in non-interest income areas tied directly to financial markets. The market reacted swiftly to the news, as Wachovia stock dropped around 19% that day. (As of Nov. 20, it was trading at 48, a tad over its 52-week low of 47.) Then in August, the bank announced it would eliminate 1,800 jobs--almost 8.5% of its work force--as part of its ongoing Performance Project, designed, in part, to reinvigorate profit growth. Third-quarter earnings, released in October, further underscored pervasive credit issues. Excluding merger cos ts and restructuring charges, Wachovia's earnings were up around 4% to $270.2 million, or $1.32 a share. Including the charges, the bank earned $205.3 million or $1.00 a diluted share, in the third quarter. That compares with reported net income of $257.5 million or $1.25 a share a year ago. Throughout Wachovia's third-quarter conference call, analyst questions remained focused on asset quality. Credit, credit, credit--that's the story at Wachovia right now, says Marni Pont O'Doherty, a Keefe, Bruyette & Woods analyst in New York. Nonperforming assets rose $163 million linked-quarter and net charge-offs also spiked linked quarter. As predictive models are recalibrated in what is a rapidly changing environment, she added, more lumpiness in NPAs and charge-offs will likely be in the offing. I think what has happened at Wachovia recently is what happens to many banks, says Nancy Bush, a senior vice-president at Prudential Securities. They go by their past experiences in understanding credit Despite the effect of rising rates and a slowing economy, Wachovia chief executive officer Leslie M. Bud Baker says that Wachovia showed good growth in operating earnings in the quarter and that the company is continuing to aggressively manage credit risk. recent months, we have made difficult but necessary decisions that are on track to lift earnings and position Wachovia for the future, Baker asserts. The adjustments did not subdue the company's measured acquisition strategy. In October Wachovia announced the acquisition of $3.4 billion-asset Republic Security Financial Corp., West Palm Beach, Fla. Wachovia also made headlines this year regarding its management team. Most compelling was the September announcement of 55-year old President and Chief Operating Officer G. Joseph Prendergast's retirement, slated for Jan. 1. No new president was named, but 42-year-old banking division head Stanhope Kelly and 44-year-old chief technology and operations officer Jean Davis will assume expanded roles. …" @default.
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• W280671444 title "Tough Enough to Take a Few Punches" @default.
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