Wachovia Loses Almost $360 Mil

Hmm, maybe this is the reason the PNB sign in the sky hasn’t been replaced just yet: Wachovia — the PNB building’s tenant — lost a staggering $359 million in its first quarter.

Sadly, economic troubles for my bank doesn’t do much for me besides Schadenfreude. And people are going to lose their jobs, though there’s no word on whether any Philadelphia jobs will be cut.

“I’m deeply disappointed with our first quarter results, but I am confident we’re taking prudent and appropriate actions in this challenging period to restore Wachovia to a more profitable path,” Wachovia President Kenneth Thompson said. Whatever that means.

Wachovia loses $393M in 1Q [Phila. Biz Journal]