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Wachovia Reports $23.9 Billion Loss for Third Quarter

Excerpt:

The loss totaled $11.18 per share, and stemmed mostly from an $18.7 billion write-down of good will because asset values declined, as well as a big increase in reservesfor soured loans. Wachovia has lost $33 billion in the last two quarters.

Excluding items, Wachovia said the loss was $4.76 billion, or $2.23 per share. Analysts on average expected a loss of 27 cents per share, according to Reuters Estimates.

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