Wachovia to sell noncore assets?

Even though Wachovia Corp. is reeling from a $9.11 billion second-quarter loss, Wachovia CEO Robert Steel says that the bank will not need to raise capital, but could sell noncore assets, according to a Reuters report based on the notes of Sandler O'Neill & Partners LP analyst Kevin Fitzsimmons.

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The report says that the insurance business could be up for sale, but the retail, asset management, commercial banking, corporate and investment banking, and brokerage operations are core businesses Wachovia will likely keep. Wachovia has been selling off assets and laying off staff to shore up its losses. - Maria Woehr

Also see:
Reuters story
Dealscape's: Wachovia finds buyer for land assets and loans
Dealscape's: Wachovia adjusts losses, layoffs

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