Washington Mutual - Grösste Sparkasse der USA! Chancen & Risiken. (Seite 34253)
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Werte aus der Branche Finanzdienstleistungen
| Wertpapier | Kurs | Perf. % |
|---|---|---|
| 1,0000 | +99.900,00 | |
| 6,0000 | +16,73 | |
| 0,8750 | +16,67 | |
| 5,9000 | +15,69 | |
| 12,180 | +11,64 |
| Wertpapier | Kurs | Perf. % |
|---|---|---|
| 3,2400 | -10,00 | |
| 36,51 | -10,95 | |
| 5,4300 | -10,98 | |
| 14,720 | -12,12 | |
| 1,2000 | -14,29 |
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WaMu shake-up fails to convince investors
By Saskia Scholtes in New York
Published: September 12 2008 03:00, FT.com
When Washington Mutual unseated its long-serving chief executive Kerry Killinger this week and replaced him with outsider Alan Fishman, the bank hoped to convince investors that it could turn itself round under new management.
Mr Fishman, who took the top job on Monday in the shadow of a government takeover of Fannie Mae and Freddie Mac, has not won over many believers. This was not least because his first act was to disclose that WaMu has signed a memorandum of understanding with its regulator over risk management practices.
Shares in the largest US savings and loan institution, which has $310bn in assets, have lost more than a third of their market value since the announcement.
The stock plumbed fresh lows yesterday amid rampant short-selling, but recovered in afternoon trade as hedge funds and other investors covered their short positions. The rout had investors asking what Mr Fishman's options might be less than a week into his reign. Although WaMu has been approached about an acquisition several times in the past year, Mr Killinger - who built WaMu from a small regional savings and loan into the nation's seventh largest banking company - had always refused any such overtures.
Richard Bove, an analyst at Ladenburg Thalmann, said his successor was un-likely to feel as strongly about preserving WaMu's independence, and could welcome the possibility of a sale.
WaMu's strong presence in the western US would make it attractive to banks such as Wells Fargo, JPMorgan Chase and HSBC, he said.
However, some analysts said potential buyers or new investors could be unwilling to put capital on the line without assistance from the Federal Reserve, as was the case when JPMorgan bought Bear Stearns in March.
Analysts also said WaMu may be struggling to find a buyer because of an accounting rule that would force an acquirer to write down the bank's assets to market prices, requiring them to raise costly capital under difficult market conditions.
WaMu's fall has been driven by fears over increased regulatory scrutiny, but also by continued stress in mortgage markets not covered by Fannie and Freddie, particularly in states such as California, Florida, Arizona, and Ne-vada, where WaMu carries significant exposure.
Earlier this year, Mr Killinger warned investors that WaMu might have to write down as much as $19bn in bad debt. While other major US banks were raising money from sovereign wealth funds, Mr Killinger raised $7bn in new capital from TPG, the private equity group.
Mr Fishman on Monday offered few details about how he would limit this exposure, and played down the need for additional capital.
Kathy Shanley, an analyst at GimmeCredit, said: "Like Lehman, WaMu postponed for too long grappling with its mortgage-related problems, and Federal regulators seem to be signalling that they will be taking a harder line on rescue transactions."
If Fannie Mae and Freddie Mac holders of preferred shares did not qualify for a full rescue, investors fear that Lehman and WaMu may not either, said Ms Shanley.
By Saskia Scholtes in New York
Published: September 12 2008 03:00, FT.com
When Washington Mutual unseated its long-serving chief executive Kerry Killinger this week and replaced him with outsider Alan Fishman, the bank hoped to convince investors that it could turn itself round under new management.
Mr Fishman, who took the top job on Monday in the shadow of a government takeover of Fannie Mae and Freddie Mac, has not won over many believers. This was not least because his first act was to disclose that WaMu has signed a memorandum of understanding with its regulator over risk management practices.
Shares in the largest US savings and loan institution, which has $310bn in assets, have lost more than a third of their market value since the announcement.
The stock plumbed fresh lows yesterday amid rampant short-selling, but recovered in afternoon trade as hedge funds and other investors covered their short positions. The rout had investors asking what Mr Fishman's options might be less than a week into his reign. Although WaMu has been approached about an acquisition several times in the past year, Mr Killinger - who built WaMu from a small regional savings and loan into the nation's seventh largest banking company - had always refused any such overtures.
Richard Bove, an analyst at Ladenburg Thalmann, said his successor was un-likely to feel as strongly about preserving WaMu's independence, and could welcome the possibility of a sale.
WaMu's strong presence in the western US would make it attractive to banks such as Wells Fargo, JPMorgan Chase and HSBC, he said.
However, some analysts said potential buyers or new investors could be unwilling to put capital on the line without assistance from the Federal Reserve, as was the case when JPMorgan bought Bear Stearns in March.
Analysts also said WaMu may be struggling to find a buyer because of an accounting rule that would force an acquirer to write down the bank's assets to market prices, requiring them to raise costly capital under difficult market conditions.
WaMu's fall has been driven by fears over increased regulatory scrutiny, but also by continued stress in mortgage markets not covered by Fannie and Freddie, particularly in states such as California, Florida, Arizona, and Ne-vada, where WaMu carries significant exposure.
Earlier this year, Mr Killinger warned investors that WaMu might have to write down as much as $19bn in bad debt. While other major US banks were raising money from sovereign wealth funds, Mr Killinger raised $7bn in new capital from TPG, the private equity group.
Mr Fishman on Monday offered few details about how he would limit this exposure, and played down the need for additional capital.
Kathy Shanley, an analyst at GimmeCredit, said: "Like Lehman, WaMu postponed for too long grappling with its mortgage-related problems, and Federal regulators seem to be signalling that they will be taking a harder line on rescue transactions."
If Fannie Mae and Freddie Mac holders of preferred shares did not qualify for a full rescue, investors fear that Lehman and WaMu may not either, said Ms Shanley.
ab 12$ können sie meine Aktien haben 
Handelsblatt.com
Spekulationen um Verkauf der kriselnden größten US-Sparkasse von handelsblatt.com
Sonntag 14. September 2008, 12:35 Uhr
Washington Mutual steht nach einem zuletzt heftigen Kursverfall wieder im Mittelpunkt von Übernahmegerüchten. Als einer der Interessenten gilt laut Medienberichten ein Interessent, der vor einigen Monaten schon einmal mit einem Übernahmeangebot bei der größten US-Sparkasse abgeblitzt war.
HB NEW YORK. Der erst seit Wochenbeginn amtierende WaMu-Chef Alan Fishman hatte in den vergangenen Tagen trotz der Probleme einen Verkauf mehrfach als nicht nötig bezeichnet. Die Sparkasse mit Sitz in Seattle (US-Bundesstaat Washington) hatte zugleich aber vor weiteren Milliardenbelastungen durch die Kreditkrise gewarnt.
WaMu steht mittlerweile unter verschärfter Aufsicht der Behörden. Der wegen der Turbulenzen abgelöste Ex-Chef Kerry Killinger hatte das Geschäft in den vergangenen Jahren deutlich ausgeweitet und kämpft nun mit den Folgen der riskanten Expansion.
An der Börse verlor die Sparkasse allein in der vergangenen Woche
mehr als 30 Prozent ihres Werts. Seit Jahresbeginn brach der Kurs sogar um mehr als 80 Prozent ein. Dies erschwert eine Suche nach neuen Investoren deutlich.
J.P. Morgan Chase übernahm in diesem Jahr im Zuge der Kreditkrise bereits die vor dem Zusammenbruch stehende Investmentbank Bear Stearns. Der Finanzkonzern zahlte lediglich einen Schnäppchenpreis und strich inzwischen Tausende Jobs bei Bear Stearns (NYSE: BSC - Nachrichten) .
Handelsblatt.com
Spekulationen um Verkauf der kriselnden größten US-Sparkasse von handelsblatt.com
Sonntag 14. September 2008, 12:35 Uhr
Washington Mutual steht nach einem zuletzt heftigen Kursverfall wieder im Mittelpunkt von Übernahmegerüchten. Als einer der Interessenten gilt laut Medienberichten ein Interessent, der vor einigen Monaten schon einmal mit einem Übernahmeangebot bei der größten US-Sparkasse abgeblitzt war.
HB NEW YORK. Der erst seit Wochenbeginn amtierende WaMu-Chef Alan Fishman hatte in den vergangenen Tagen trotz der Probleme einen Verkauf mehrfach als nicht nötig bezeichnet. Die Sparkasse mit Sitz in Seattle (US-Bundesstaat Washington) hatte zugleich aber vor weiteren Milliardenbelastungen durch die Kreditkrise gewarnt.
WaMu steht mittlerweile unter verschärfter Aufsicht der Behörden. Der wegen der Turbulenzen abgelöste Ex-Chef Kerry Killinger hatte das Geschäft in den vergangenen Jahren deutlich ausgeweitet und kämpft nun mit den Folgen der riskanten Expansion.
An der Börse verlor die Sparkasse allein in der vergangenen Woche
mehr als 30 Prozent ihres Werts. Seit Jahresbeginn brach der Kurs sogar um mehr als 80 Prozent ein. Dies erschwert eine Suche nach neuen Investoren deutlich.
J.P. Morgan Chase übernahm in diesem Jahr im Zuge der Kreditkrise bereits die vor dem Zusammenbruch stehende Investmentbank Bear Stearns. Der Finanzkonzern zahlte lediglich einen Schnäppchenpreis und strich inzwischen Tausende Jobs bei Bear Stearns (NYSE: BSC - Nachrichten) .
http://dealbreaker.com/2008/09/we-have-reached-a-deal-for-le…
We Have Reached A Deal For Lehman, Sources Say
Posted by John Carney, Sep 14, 2008, 2:43am
We understand that a deal has been reached to divide Lehman Brothers into two entities, with a "bad bank" taking the toxic, real-estate assets amounting to around $85 billion. The deal will be financed without any government backing. Lehman chief executive Dick Fuld will resign.
Bank of America will take the lion's share of the good assets of Lehman, with Barclay's and Nomura playing a role as well. An international consortium of financial firms will inject capital for the deal, preventing Lehman's assets from flooding the market in a fire sale. Many US based firms have not played a large role, in part because they are facing their own financial challenges.
Dick Fuld's resignation was demanded by Bank of America, which played a brinkmanship role in negotiations, threating to let Asian markets open tomorrow without a deal in place, a person familiar with the matter says. Many believe that a Monday market opening without a resolution would effectively have been the end of Lehman Brothers and could have spread financial turbulence to other securities firms. (On a side note: apparently, Japanese markets will be closed Monday morning for a holiday.)
Fuld is said to have taken tonight's developments very badly. He does not believe that the situation is as desperate as others on Wall Street believe it is, and may be trying to negotiate an alternative deal, we're told.
Of course, the situation remains fluid and there is still a possibility that the deal reached tonight could fall apart. Many of the details remain to be worked out, although there is widespread agreement on the outline of this deal.
Update: The New York Post is reporting that Lehman was taking offers for its investment management business today.
We Have Reached A Deal For Lehman, Sources Say
Posted by John Carney, Sep 14, 2008, 2:43am
We understand that a deal has been reached to divide Lehman Brothers into two entities, with a "bad bank" taking the toxic, real-estate assets amounting to around $85 billion. The deal will be financed without any government backing. Lehman chief executive Dick Fuld will resign.
Bank of America will take the lion's share of the good assets of Lehman, with Barclay's and Nomura playing a role as well. An international consortium of financial firms will inject capital for the deal, preventing Lehman's assets from flooding the market in a fire sale. Many US based firms have not played a large role, in part because they are facing their own financial challenges.
Dick Fuld's resignation was demanded by Bank of America, which played a brinkmanship role in negotiations, threating to let Asian markets open tomorrow without a deal in place, a person familiar with the matter says. Many believe that a Monday market opening without a resolution would effectively have been the end of Lehman Brothers and could have spread financial turbulence to other securities firms. (On a side note: apparently, Japanese markets will be closed Monday morning for a holiday.)
Fuld is said to have taken tonight's developments very badly. He does not believe that the situation is as desperate as others on Wall Street believe it is, and may be trying to negotiate an alternative deal, we're told.
Of course, the situation remains fluid and there is still a possibility that the deal reached tonight could fall apart. Many of the details remain to be worked out, although there is widespread agreement on the outline of this deal.
Update: The New York Post is reporting that Lehman was taking offers for its investment management business today.
Lehman sucht Käufer - Krisensitzung der Fed
New York/Washington - Nach zunehmenden Sorgen über die Zukunft der krisengeschüttelten US-Investmentbank Lehman Brothers hat die zur US-Notenbank gehörende Federal Reserve Bank of New York am Freitagabend eine Krisensitzung abgehalten.
ht / Quelle: sda / Samstag, 13. September 2008 / 08:48 h
«Hochrangige Vertreter der Finanzmärkte trafen sich bei der Federal Reserve of New York am Freitag, um über die jüngsten Marktentwicklungen zu diskutieren», sagte ein Fed-Sprecher der Nachrichtenagentur Reuters. Zur gleichen Zeit kamen leitende Angestellte von Lehman, mögliche Käufer sowie Regierungsvertreter zusammen, um ein Rettungspaket für das um sein Überleben kämpfende Kredithaus zu schnüren. Zu dem Treffen im Büro des Chefs der New Yorker Fed, Timothy Geithner, kamen Finanzminister Henry Paulson, ranghohe Vertreter grosser Finanzinstitutionen sowie der Vorsitzende der US-Börsenaufsicht SEC, Christopher Cox. Weitere Einzelheiten nannte die Fed zunächst nicht. Das «Wall Street Journal» berichtete, dass unter anderen die Chefs der US-Banken Morgan Stanley und Merrill Lynch, John Mack und John Thain, zu der Sitzung erschienen seien. In der «New York Times» hiess es, dass zudem die Bank of America an dem Treffen teilgenommen haben soll.
Ähnlich wie Bear Stearns
Am Mittwoch gab Lehman einen Quartalsverlust von 3,9 Milliarden Dollar bekannt.
Lehman benötigt dringend Kapital. /
Das 1850 von deutschen Einwanderern gegründete Traditionshaus braucht dringend Kapital, um Verluste aus faulen Immobilienkrediten auszugleichen. Die Krise bei Lehman erinnert stark an das Schicksal der US-Rivalin Bear Stearns: Die Investmentbank hatte im März wegen ähnlicher Schwierigkeiten auf Druck der US-Notenbank ihrem Zwangsverkauf zugestimmt. Die US-Bank JPMorgan zahlte für Bear Stearns nur einen geringen Preis.
New York/Washington - Nach zunehmenden Sorgen über die Zukunft der krisengeschüttelten US-Investmentbank Lehman Brothers hat die zur US-Notenbank gehörende Federal Reserve Bank of New York am Freitagabend eine Krisensitzung abgehalten.
ht / Quelle: sda / Samstag, 13. September 2008 / 08:48 h
«Hochrangige Vertreter der Finanzmärkte trafen sich bei der Federal Reserve of New York am Freitag, um über die jüngsten Marktentwicklungen zu diskutieren», sagte ein Fed-Sprecher der Nachrichtenagentur Reuters. Zur gleichen Zeit kamen leitende Angestellte von Lehman, mögliche Käufer sowie Regierungsvertreter zusammen, um ein Rettungspaket für das um sein Überleben kämpfende Kredithaus zu schnüren. Zu dem Treffen im Büro des Chefs der New Yorker Fed, Timothy Geithner, kamen Finanzminister Henry Paulson, ranghohe Vertreter grosser Finanzinstitutionen sowie der Vorsitzende der US-Börsenaufsicht SEC, Christopher Cox. Weitere Einzelheiten nannte die Fed zunächst nicht. Das «Wall Street Journal» berichtete, dass unter anderen die Chefs der US-Banken Morgan Stanley und Merrill Lynch, John Mack und John Thain, zu der Sitzung erschienen seien. In der «New York Times» hiess es, dass zudem die Bank of America an dem Treffen teilgenommen haben soll.
Ähnlich wie Bear Stearns
Am Mittwoch gab Lehman einen Quartalsverlust von 3,9 Milliarden Dollar bekannt.
Lehman benötigt dringend Kapital. /
Das 1850 von deutschen Einwanderern gegründete Traditionshaus braucht dringend Kapital, um Verluste aus faulen Immobilienkrediten auszugleichen. Die Krise bei Lehman erinnert stark an das Schicksal der US-Rivalin Bear Stearns: Die Investmentbank hatte im März wegen ähnlicher Schwierigkeiten auf Druck der US-Notenbank ihrem Zwangsverkauf zugestimmt. Die US-Bank JPMorgan zahlte für Bear Stearns nur einen geringen Preis.
Trading Spotlight
Widersprüchliche Berichte über JPMorgan-Interesse an WaMu
Samstag, 13. September 2008, 10:43 Uhr
Washington (Reuters) - Der Aktienkurs der angeschlagenen US-Sparkasse Washington Mutual (WaMu) ist von widersprüchlichen Berichten über ein Kaufinteresse der US-Bank JPMorgan Chase hin und her gezerrt worden.
Das Fachblatt "American Banker" hatte am Freitag zunächst berichtet, entsprechende Gespräche seien bereits weit fortgeschritten. Der Sender CNBC meldete dagegen, es gebe sie überhaupt nicht. Der Nachrichtenagentur Reuters erfuhr zwar aus Brachenkreisen von Gesprächen. Mit der Situation vertraute Personen widersprachen dem jedoch.
WaMu-Aktien schwankten im Verlauf zwischen 2,43 und 3,29 Dollar und schlossen 3,5 Prozent im Minus bei 2,73 Dollar.
Die weltgrößte Sparkasse Washington Mutual ist infolge der Hypothekenkrise in Schwierigkeiten geraten.
Samstag, 13. September 2008, 10:43 Uhr
Washington (Reuters) - Der Aktienkurs der angeschlagenen US-Sparkasse Washington Mutual (WaMu) ist von widersprüchlichen Berichten über ein Kaufinteresse der US-Bank JPMorgan Chase hin und her gezerrt worden.
Das Fachblatt "American Banker" hatte am Freitag zunächst berichtet, entsprechende Gespräche seien bereits weit fortgeschritten. Der Sender CNBC meldete dagegen, es gebe sie überhaupt nicht. Der Nachrichtenagentur Reuters erfuhr zwar aus Brachenkreisen von Gesprächen. Mit der Situation vertraute Personen widersprachen dem jedoch.
WaMu-Aktien schwankten im Verlauf zwischen 2,43 und 3,29 Dollar und schlossen 3,5 Prozent im Minus bei 2,73 Dollar.
Die weltgrößte Sparkasse Washington Mutual ist infolge der Hypothekenkrise in Schwierigkeiten geraten.
Reuters
JPMorgan in advanced talks to acquire WaMu: source
Friday September 12, 2:26 pm ET
WASHINGTON (Reuters) - JPMorgan Chase & Co (NYSE:JPM - News) is in advanced discussions to acquire Washington Mutual Inc (NYSE:WM - News), a source familiar with the discussions said on Friday.
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"They are in advanced talks," the source told Reuters.
The source said the sensitive talks had been going on for some time and JPMorgan had conducted a lot of due diligence into Washington Mutual.
Thursday's downgrade of Washington Mutual by Moody's Investors Service helped advance the discussions between the two companies, the source said.
Washington Mutual spokesman Brad Russell did not immediately return a call seeking comment and JPMorgan spokeswoman Tasha Pelio declined to comment.
(Reporting by John Poirier; additional reporting by Jon Stempel and Elinor Comlay in New York; Editing by Tim Dobbyn)
JPMorgan in advanced talks to acquire WaMu: source
Friday September 12, 2:26 pm ET
WASHINGTON (Reuters) - JPMorgan Chase & Co (NYSE:JPM - News) is in advanced discussions to acquire Washington Mutual Inc (NYSE:WM - News), a source familiar with the discussions said on Friday.
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"They are in advanced talks," the source told Reuters.
The source said the sensitive talks had been going on for some time and JPMorgan had conducted a lot of due diligence into Washington Mutual.
Thursday's downgrade of Washington Mutual by Moody's Investors Service helped advance the discussions between the two companies, the source said.
Washington Mutual spokesman Brad Russell did not immediately return a call seeking comment and JPMorgan spokeswoman Tasha Pelio declined to comment.
(Reporting by John Poirier; additional reporting by Jon Stempel and Elinor Comlay in New York; Editing by Tim Dobbyn)
Reuters
JPMorgan in advance talks to acquire WaMu: source
Friday September 12, 2:05 pm ET
WASHINGTON (Reuters) - JPMorgan Chase & Co (NYSE:JPM - News) is in advanced discussions to acquire Washington Mutual Inc (NYSE:WM - News), a source familiar with the discussions said on Friday.
"They are in advanced talks," the source told Reuters.
(Reporting by John Poirier; Editing by Tim Dobbyn)
JPMorgan in advance talks to acquire WaMu: source
Friday September 12, 2:05 pm ET
WASHINGTON (Reuters) - JPMorgan Chase & Co (NYSE:JPM - News) is in advanced discussions to acquire Washington Mutual Inc (NYSE:WM - News), a source familiar with the discussions said on Friday.
"They are in advanced talks," the source told Reuters.
(Reporting by John Poirier; Editing by Tim Dobbyn)
Was haltet Ihr von den NEWS die heute gekommen sind 
WaMu's New CEO Defends Bank's Strengths, And Street Listens
By Matthias Rieker, Of DOW JONES NEWSWIRES
NEW YORK -(Dow Jones)- Washington Mutual Inc.'s (WM) robust defense of its business Thursday evening bears the handwriting of its new chief executive.
The Seattle thrift told Wall Street that things are looking up for the company, and shortly thereafter attacked the decision by Moody's Investors Service to downgrade the issuer rating of its holding company to junk.
Market participants' reaction to WaMu's defense was mixed. Goldman Sachs upgraded the stock, and even some harsh critics of the company admitted that there was good news.
Investors noted that the details in WaMu's release were more than boiler-plate reassurance along the lines of the statements Bear Stearns Cos. executive made before the company was swallowed by JPMorgan Chase & Co. (JPM).
However, doubts about WaMu's ability to stem the drain on capital from mounting losses remain. As investors weighed WaMu's statements on Friday, rumors continued to circulate that it is in talks to sell itself to JPMorgan.
Alan Fishman, who took over from ousted Chief Executive Kerry Killinger on Monday, was adamant in an interview with Dow Jones Newswires that WaMu has a future as an independent company, if only because it has a strong deposit base and branch network.
There is little doubt that JPMorgan sees WaMu as a virtually ideal fit for its desire to expand retail banking in California and Florida and add more consumer loans. But WaMu continues to reject deal talks, or even to open its books to potential buyers, a source said Friday. Unless WaMu has a sudden change of heart, or regulators force the thrift to sell or give more information about its mortgage portfolio, a deal remains unlikely.
Meanwhile, Fishman hired Frank Baier as special assistant. Baier was chief financial officer of Independence Community Bank Corp., where Fishman was CEO and which he sold to Sovereign Bancorp in 2006.
WaMu's stock was on a roller coaster Friday. It fell more than 7% in pre- market trading, and improved quickly after the market opening, only to swing between red and green for most of the morning. It closed at $2.73, down 3.5% Friday, and down more than 90% for the last 12 months.
Goldman Sachs analyst Brian Foran upgraded the stock to neutral from sell Friday morning. In his research report, he said "results are worse than expected" but not as bad as the recent precipitous decline of WaMu's stock suggests. "Capital and reserves seem to be stable in the quarter," he wrote.
Howard Shapiro from Fox-Pitt Kelton Cochran, who rates WaMu's shares as outperform, wrote in his report, the company's stock "long ago stopped trading on fundamentals," but the third-quarter update "should calm some of the hysteria surrounding the stock and the company's future."
Fishman walks a fine line between offense and defense. After all, reassurance is important, but having to do so publicly exposes weakness, some analysts said.
But on Thursday, the $310 billion-asset thrift clearly had enough with the market's pessimistic view, and its strong defense reflects Fishman's willingness to fight back - and speak his mind.
He "does not mice words," said Robert Maneri, an analyst with Victory SBSF Capital Management. "They are trying to calm things down."
To the public's benefit, he said, since "every time you have added information you can make a decision" as investors, though he added he is not yet ready to buy the stock. "We are interested, we are watching, but we don't own it," he said.
In an attempt to stem concerns that the fast-declining stock and the string of bad publicity would harm customers' confidence in WaMu's health, the company said its retail deposit base at the end of August remains unchanged from year- end levels at about $143 billion - though deposits were down 3.7% from June 30, and 1.7% lower than in June 30 a year earlier.
"Up to this point you don't see any impact on the deposits of Washington Mutual," Maneri said. That was an important message the company needed to get across, given the experience of other thrifts in trouble.
WaMu is willing to pay up for deposits, offering the highest rate for 1-year certificates of deposits, according to Bankrate.com. It is less aggressive with other types of deposits. A spokesman said in an email the company has not increased marketing or communication with employees to stem potential customer concerns, simply because deposit flows have not warranted such steps.
Further, WaMu said the pace at which loan losses increase is expected to slow this quarter from the second and that it would therefore need to set less money aside to provide for loan losses - though, again, the provision would increase considerably from a year earlier, and perhaps more than some investors had expected.
In addition, WaMu bluntly stated that the decision by Moody's Investor Service to downgrade its debt ratings "is inconsistent with the company's current financial condition," and reflects "the current uncertainty in the markets, rather than a thorough evaluation of Washington Mutual's business."
Moody's downgraded the holding company's issuer rating to junk late Thursday, because of WaMu's "limited" financial flexibility and "poor asset quality."
By speaking out against Moody's, WaMu joins a small but of late increasingly vocal group of financial services companies challenging the powerful rating agency. MBIA Inc. (MBI), for example, said in a press release in June that it is "baffled by their analysis," because "the fundamentals of the Company support a higher rating." Moody's had stripped the insurer of its prestigious triple-A rating and dropped it to A2.
Some analysts weren't yet willing to set aside their concerns about WaMu's future. "We don't just dwell on one quarter, we are looking over the next four- to-six quarters," said David Hendler of CreditSights Inc.
"There continues to be extreme pressure" on the mortgage book. "It's hard to believe that the new CEO had time to go over everything thoroughly within the first week of his appointment."
WaMu's statements are simply "a defense mechanism to try not to create a lack of confidence in their certificates of deposit" from institutional customers, he said. "They are doing whatever it takes" and as such the statement about Moody's ratings "is highly defensive."
Christopher Whalen, the managing director of Institutional Risk Analytics, agreed. Charge-offs could rise to almost 4% of total loans this year annualized even if loan losses increase at the new, lower pace, and that ratio would pose a big strain on capital, he said.
"It would be highly unusual" for the credit "to turn at this point" of an economic cycle. But if the rate of increase in charge-offs drops to the level outlined Thursday, "then that is very good news" because it increases the chances that WaMu can muddle through without the need to raise more capital.
-By Matthias Rieker, Dow Jones Newswires; 201-938-5936 ; matthias.rieker@ dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http:// www.djnewsplus.com/al?rnd=7AfD3edTaX7Vrm0cf1aahA%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
09-12-081706ET
Copyright (c) 2008 Dow Jones & Company, Inc.
WaMu's New CEO Defends Bank's Strengths, And Street Listens
By Matthias Rieker, Of DOW JONES NEWSWIRES
NEW YORK -(Dow Jones)- Washington Mutual Inc.'s (WM) robust defense of its business Thursday evening bears the handwriting of its new chief executive.
The Seattle thrift told Wall Street that things are looking up for the company, and shortly thereafter attacked the decision by Moody's Investors Service to downgrade the issuer rating of its holding company to junk.
Market participants' reaction to WaMu's defense was mixed. Goldman Sachs upgraded the stock, and even some harsh critics of the company admitted that there was good news.
Investors noted that the details in WaMu's release were more than boiler-plate reassurance along the lines of the statements Bear Stearns Cos. executive made before the company was swallowed by JPMorgan Chase & Co. (JPM).
However, doubts about WaMu's ability to stem the drain on capital from mounting losses remain. As investors weighed WaMu's statements on Friday, rumors continued to circulate that it is in talks to sell itself to JPMorgan.
Alan Fishman, who took over from ousted Chief Executive Kerry Killinger on Monday, was adamant in an interview with Dow Jones Newswires that WaMu has a future as an independent company, if only because it has a strong deposit base and branch network.
There is little doubt that JPMorgan sees WaMu as a virtually ideal fit for its desire to expand retail banking in California and Florida and add more consumer loans. But WaMu continues to reject deal talks, or even to open its books to potential buyers, a source said Friday. Unless WaMu has a sudden change of heart, or regulators force the thrift to sell or give more information about its mortgage portfolio, a deal remains unlikely.
Meanwhile, Fishman hired Frank Baier as special assistant. Baier was chief financial officer of Independence Community Bank Corp., where Fishman was CEO and which he sold to Sovereign Bancorp in 2006.
WaMu's stock was on a roller coaster Friday. It fell more than 7% in pre- market trading, and improved quickly after the market opening, only to swing between red and green for most of the morning. It closed at $2.73, down 3.5% Friday, and down more than 90% for the last 12 months.
Goldman Sachs analyst Brian Foran upgraded the stock to neutral from sell Friday morning. In his research report, he said "results are worse than expected" but not as bad as the recent precipitous decline of WaMu's stock suggests. "Capital and reserves seem to be stable in the quarter," he wrote.
Howard Shapiro from Fox-Pitt Kelton Cochran, who rates WaMu's shares as outperform, wrote in his report, the company's stock "long ago stopped trading on fundamentals," but the third-quarter update "should calm some of the hysteria surrounding the stock and the company's future."
Fishman walks a fine line between offense and defense. After all, reassurance is important, but having to do so publicly exposes weakness, some analysts said.
But on Thursday, the $310 billion-asset thrift clearly had enough with the market's pessimistic view, and its strong defense reflects Fishman's willingness to fight back - and speak his mind.
He "does not mice words," said Robert Maneri, an analyst with Victory SBSF Capital Management. "They are trying to calm things down."
To the public's benefit, he said, since "every time you have added information you can make a decision" as investors, though he added he is not yet ready to buy the stock. "We are interested, we are watching, but we don't own it," he said.
In an attempt to stem concerns that the fast-declining stock and the string of bad publicity would harm customers' confidence in WaMu's health, the company said its retail deposit base at the end of August remains unchanged from year- end levels at about $143 billion - though deposits were down 3.7% from June 30, and 1.7% lower than in June 30 a year earlier.
"Up to this point you don't see any impact on the deposits of Washington Mutual," Maneri said. That was an important message the company needed to get across, given the experience of other thrifts in trouble.
WaMu is willing to pay up for deposits, offering the highest rate for 1-year certificates of deposits, according to Bankrate.com. It is less aggressive with other types of deposits. A spokesman said in an email the company has not increased marketing or communication with employees to stem potential customer concerns, simply because deposit flows have not warranted such steps.
Further, WaMu said the pace at which loan losses increase is expected to slow this quarter from the second and that it would therefore need to set less money aside to provide for loan losses - though, again, the provision would increase considerably from a year earlier, and perhaps more than some investors had expected.
In addition, WaMu bluntly stated that the decision by Moody's Investor Service to downgrade its debt ratings "is inconsistent with the company's current financial condition," and reflects "the current uncertainty in the markets, rather than a thorough evaluation of Washington Mutual's business."
Moody's downgraded the holding company's issuer rating to junk late Thursday, because of WaMu's "limited" financial flexibility and "poor asset quality."
By speaking out against Moody's, WaMu joins a small but of late increasingly vocal group of financial services companies challenging the powerful rating agency. MBIA Inc. (MBI), for example, said in a press release in June that it is "baffled by their analysis," because "the fundamentals of the Company support a higher rating." Moody's had stripped the insurer of its prestigious triple-A rating and dropped it to A2.
Some analysts weren't yet willing to set aside their concerns about WaMu's future. "We don't just dwell on one quarter, we are looking over the next four- to-six quarters," said David Hendler of CreditSights Inc.
"There continues to be extreme pressure" on the mortgage book. "It's hard to believe that the new CEO had time to go over everything thoroughly within the first week of his appointment."
WaMu's statements are simply "a defense mechanism to try not to create a lack of confidence in their certificates of deposit" from institutional customers, he said. "They are doing whatever it takes" and as such the statement about Moody's ratings "is highly defensive."
Christopher Whalen, the managing director of Institutional Risk Analytics, agreed. Charge-offs could rise to almost 4% of total loans this year annualized even if loan losses increase at the new, lower pace, and that ratio would pose a big strain on capital, he said.
"It would be highly unusual" for the credit "to turn at this point" of an economic cycle. But if the rate of increase in charge-offs drops to the level outlined Thursday, "then that is very good news" because it increases the chances that WaMu can muddle through without the need to raise more capital.
-By Matthias Rieker, Dow Jones Newswires; 201-938-5936 ; matthias.rieker@ dowjones.com
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(END) Dow Jones Newswires
09-12-081706ET
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