Banking

Wachovia's turbulent times

April 14: Bank announces first-quarter loss, dividend cut, plans to raise $8 billion in capital and 500 layoffs.

April 22: CEO Ken Thompson faces calls to resign at shareholder meeting.

April 25: Bank announces settlement with federal regulators that could total $144 million in restitution and other penalties over its relationship with third-party telemarketers.

April 30: Bank says it will take a charge of at least $800 million in the second quarter because of a court ruling involving leasing transactions.

May 6: Bank revises first-quarter earnings, nearly doubling the loss to about $707 million because of a writedown related to its life insurance portfolio.

May 8: Bank splits chairman and CEO positions. Lead independent director Lanty Smith assumes chairman's role while Thompson remains CEO.

May 12: Bank reports it is under federal investigation as part of a broader probe of alleged money-laundering by foreign money-transfer companies.

June 1: Thompson retires at request of Wachovia's board. Smith adds title of interim CEO.

Wednesday: Wachovia names Robert Steel to CEO post and says it expects a second-quarter loss of as much as $2.8billion. Smith to continue as chairman.

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