Source:
Reuters NEW YORK (Reuters) - Wachovia Corp (WB.N: Quote, Profile, Research, Stock Buzz), the fourth-largest U.S. bank, said on Monday it expected to eliminate 11,350 jobs, more than it previously disclosed, as conditions deteriorate in the housing market.
Separately, Wachovia said the U.S. Securities and Exchange Commission may recommend civil charges against its main banking unit in connection with municipal derivatives transactions. It also said various state attorneys general have issued subpoenas over that matter.
The bank said it was cooperating with the probes.
Wachovia also confirmed it was in talks with regulators to resolve matters regarding how it sells auction-rate securities, following regulatory settlements last week by Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) and UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz).
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http://www.reuters.com/article/marketsNews/idUSN1139894220080811