Wachovia (WB) Names CEO, Still In Deep Trouble

Wachovia (WB) named a former Treasury official as its CEO. Robert Steel most recently served as undersecretary for domestic finance for the U.S. Department of the Treasury according to Reuters. He has also been a vice chairman at Goldman Sachs (GS).

The bank's announcements did not end with that. The company said credit, mortgage and legal problems will result in a $2.6 billion to $2.8 billion second-quarter loss.Wall St. expected the numbers to be better.

WB trades at $14.29, well below its 52-week low of $53.10.

Douglas A. McIntyre