Wachovia Corp. fell to the lowest since July 1995 after the bank ousted Chief Executive Officer Kennedy Thompson, signaling the company may report a second-quarter loss.
Wachovia, the nation’s fourth-biggest bank, dropped as much as 4.5 percent in New York trading, adding to a slide that has cost the lender more than half its market value in 12 months. Analysts speculated that the Charlotte, N.C.-based company will be vulnerable to a takeover or other form of distress sale. Wachovia said Monday it isn’t “in crisis.”
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