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July 23, 2008

WaMu reports 2Q loss of $3.3 billion

NEW YORK (AP) — Washington Mutual Inc. said Tuesday it lost a staggering $3 billion during the second quarter as it increased its loss reserves to more than $8 billion to cover souring loans in its mortgage portfolio.

The Seattle-based bank said it would be cutting up to $1 billion in expenses by the end of 2009.


 
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