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Wachovia (WB) Said It Is "Fundamentally Strong and Stable"
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Wachovia (NYSE: WB) issued the following statment in response to market activity:
"Wachovia is a fundamentally strong and stable company on solid footing. Wachovia has $150 billion in liquidity funding capability and is well capitalized, with more than $50 billion of Tier 1 regulatory capital at June 30, 2008.
Many of our businesses continue to experience strong underlying performance, and we remain focused on serving our customers well. Our teams are prepared to help customers navigate this difficult environment.
We are intensely focused on maintaining excellent service to customers, and we are winning new business every day. In fact, Wachovia opened 17,000 new checking accounts and generated $800 million in new deposits on Monday, July 14."
NOTE: Stock was down over 10% today following an analyst downgrade.
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