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Wachovia to trim staff

Banking services provider Wachovia is planning to slim down the strength of its trading and investment banking division staff by 12%, reported BBC News.

The company reportedly said that it is cutting the value of its mortgage-backed assets by $2 billion and set aside $2.8 billion to cover current and future losses.

The source quoted Ken Thompson, CEO of Wachovia, as saying: I am deeply disappointed with our first-quarter results, but I am confident we are taking prudent actions in this challenging period to restore Wachovia to a more profitable path.