Wachovia bank to shed jobs

Struggling Wachovia laid out painful steps for a turnaround on Tuesday, and chief executive Bob Steel made clear that the Charlotte bank's troubles aren't over.

The bank, which announced a second-quarter loss of $8.9 billion, said it would cut more than 10,000 jobs, slash the quarterly payout to shareholders, and shake up the mortgage unit that has plagued its bottom line.

"We're really in challenging times," said Steel, who was brought in two weeks ago to fix the troubled company. "I can't tell you that the improvements will be smooth and continuous from here."

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