reportonbusiness.com: notSet

Posted AT 9:21 PM EST on 22/07/08

Banks rally amid hopes worst is over

SINCLAIR STEWART AND TARA PERKINS

Globe and Mail Update

Wachovia Corp. , the struggling North Carolina bank that has been battered by the mortgage crisis, unveiled a gruesome quarterly report Tuesday, incurring a record loss of $8.9-billion (U.S.), posting a double-digit decline in revenue and shaving its dividend to mere pennies.

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