MIKE ARMSTRONG: Coming up: Another big bank CEO loses his job because of the mortgage mess. The sudden closure of a
MIKE ARMSTRONG: The CEO of the biggest bank in the region is out. Ken Thompson has been ousted by Wachovia’s board of directors. He becomes the latest financial boss to lose his job over big losses tied to the mortgage meltdown. The move comes nearly four weeks after the bank revised its first quarter loss to $708 million, much more than the $393 million losses it reported in April. Thompson has had to defend his decision making, as Wachovia has struggled with rising mortgage defaults and write-downs to subprime loans. Wachovia shares have plunged 58% over the last year. Wachovia is based in
We told you two weeks ago about the
That’s it for today. At the Inquirer, I’m Mike Armstrong for Philadelphia Business Today.