1 hour, 2 minutes ago BOSTON (Reuters) - Wachovia Corp (WB.N), battered by mounting losses from mortgages and other debt and facing increasing regulatory scrutiny, is undertaking an independent review of its risk and compliance processes and cutting jobs, Chief Executive Ken Thompson said on Monday."We are initiating a through review of systems, controls, processes, procedures and people by a third party group so that we can we can come forward and say this is a company in control and a company that can perform," Thompson told analysts at a banking conference sponsored by UBS AG (UBSN.VX) in New York, which was monitored by webcast.
Over the past month or so, the fourth-largest U.S. bank has cut its dividend, reported a first-quarter loss it later nearly doubled to $708 million and faced up to $1.14 billion of costs for legal and regulatory problems.
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