Unstructured Finance

Check Out Line: More consumers see U.S. in recession

June 2, 2008

gasplane.jpgCheck out darkening consumer sentiment in the month of May.

According to the latest results of NPD’s Fast Checks Study: Consumers Speak Out On the U.S. Economy, in May, 58 percentĀ of consumers said we are in a recession, up from 55 percentĀ in April.

Job cuts at Wachovia go right to the top

June 2, 2008

thompson.jpgWhen Wachovia CEO Ken Thompson announced plans to cut up to 500 jobs last month, he probably didn’t expect to be included in the total. The bank ousted Thompson on Monday following a series of disappointments that hurt the fourth-largest U.S. bank and its performance. Wachovia said Thompson is retiring at the request of its board of directors; Lanty Smith, the bank’s chairman, was named interim CEO. The bank’s stock was lower before the open. Wachovia has marked down mortgage and other debt assets by $5 billion so far in the credit crunch.