Advertising

The Seattle Times Company

NWjobs | NWautos | NWhomes | NWsource | Free Classifieds | seattletimes.com

The Seattle Times

Business / Technology


Our network sites seattletimes.com | Advanced

Originally published January 17, 2008 at 12:00 AM | Page modified January 17, 2008 at 6:32 PM

E-mail article     Print view

WaMu posts first quarterly loss in a decade

Washington Mutual today said it lost nearly $1.9 billion in the last quarter of 2007 — the giant thrift's first quarterly loss since...

Seattle Times business reporter

Washington Mutual today said it lost nearly $1.9 billion in the last quarter of 2007 — the giant thrift's first quarterly loss since 1997 — as the meltdown in the nation's housing and credit markets continued to wreak havoc on the company's business model.

The fourth-quarter loss at Seattle-based WaMu worked out to $2.19 a share, two cents more than the average estimate of Wall Street analysts surveyed by Thomson Financial.

WaMu's home loans group lost nearly $2 billion all by itself, due mainly to $1.78 billon in writeoffs. The quarterly loss in home loans was partially offset by small operating profits in the company's other divisions: retail banking, credit cards and commercial lending.

For the full year, WaMu reported a $67 million loss — its first annual loss since at least 1994.

In an interview with The Seattle Times, WaMU chief executive Kerry Killinger sought to dampen speculation that the company was headed for the auction block, as has happened already to competitor Countrywide Financial.

While declining to comment specifically on reports that WaMu has had preliminary talks with JPMorgan Chase, Killinger said he was "working very hard to return the company to much higher levels of profitability, which I believe it is capable of doing."

WaMu's board of directors, he added, "has been very supportive and has approved the plans we are executing."

The financial results were issued shortly after the close of regular trading on the New York Stock Exchange, in which WaMu shares fell 93 cents to close at $12.46. The stock moved slightly higher in after-hours trading, in advance of a scheduled conference call with analysts and investors.

Drew DeSilver: 206-464-3145 or ddesilver@seattletimes.com

Copyright © 2008 The Seattle Times Company

More Business & Technology headlines...

E-mail article Print view      Share:    Digg     Newsvine

advertising

Chase shrugs off loss of CD investors

Sunday Buzz: Expedia, Intelius, Classmates slapped by Senate report

Denny Triangle gains skyline, but tenants slow to come

UPDATE - 08:56 PM
Senate Democrats at odds over health care bill

Your Funds: Money for nothing: Some investors pay for advice they never get

Advertising

Video

LA Galaxy's David Beckham
Los Angeles Galaxy's David Beckham talks about the upcoming MLS Cup final during after a team practice.

Real Salt Lake's Kyle Beckerman
MLS trophy arrives in Seattle
Chittenden Locks Inspection
Interview with New Moon actors
Full interview with New Moon actors
Artistic Roller Skating
Girls Soccer: Mercer Island vs. Glacier Peak
Smash Putt! Miniature Golf
Opening day at Crystal Mountain

Marketplace

nwautos

2009's most fuel-efficient sedansnew
Choosing a new sedan? Weigh the impact of your choice on your wallet and on the planet.
Post a comment

Open Houses

Find this weekend's open house listings.
Or search by location:

 
Most read
Most commented
Most e-mailed
 
 
Advertising