Wachovia Corp (WB) is the latest victim of the bloodbath surrounding subprime writedowns. Earnings are disappointing this quarter, and Wachovia is planning to raise $7 billion in cash in order to offset some of its losses. BBC News reports on Wachovia’s response to its situation:

Wachovia said it was "deeply disappointed" by its performance, which it
said had been caused by "the precipitous decline in housing market
conditions and unprecedented changes in consumer behaviour".

UBS ($34.7 billion), Merrill Lynch ($22 billion) and Citigroup ($21.1 billion) are other companies that have sustained losses due to subprime writedowns.