Goldman Sachs to advise Wachovia on loans

Wachovia Corp. has hired Goldman Sachs to advise the bank on its loan portfolio, which has been hit hard by the decline in the mortgage market.

A spokeswoman for Wachovia (NYSE: WB) says the bank wants Goldman Sachs (NYSE: GS), one of Wall Street's big investment banks, to "perform analytics on our loans to evaluate various alternatives."

She declines further comment.

The decision to hire Goldman Sachs follows Ken Thompson's retirement as Wachovia chief executive. He left the bank early this month at the request of its board. Chairman Lanty Smith has been named interim CEO.

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- Posted: 2008-06-24 11:22:35

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