Getting your player ready...
CHARLOTTE, N.C. — On his first day as Wachovia’s chief executive, Robert Steel saw the stock tumble to a 17-year low and faced questions about his ability to rescue the nation’s fourth-largest bank from its missteps and the roiling credit market.
Wachovia said it had put aside $4.2 billion to cover defaulting loans and that its second- quarter loss would be between $2.6 billion and $2.8 billion.
Its shares have fallen by about 75 percent from their 52-week high of $53.10 a year ago.
“There’s work to be done,” Steel told analysts on a conference call. He later told reporters he would draw on the bank’s other executives for help.
“No one person will have all the answers,” he said.
