Washington Mutual Slashes Profit Forecast
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.
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