Washington Mutual Slashes Profit Forecast
From Reuters
Washington Mutual Inc., the largest U.S. savings and loan, slashed its 2004 profit forecast and said it expected to cut more jobs as rising long-term interest rates hurt its mortgage business.
The Seattle-based company now expects 2004 profit of $3 to $3.60 a share, down from $4.21 last year, and said its mortgage business might lose money.
It previously forecast profit of about $4.35, a spokesman said. The lowered profit forecast is the second from Washington Mutual in seven months.
Washington Mutual shares rose 13 cents to $41.31 on the NYSE but tumbled nearly 12% to $36.50 in after-hours trading.
