Wachovia reported $6.1 billion of writedowns in the second quarter related to the credit crisis, which also reflected an increase in its reserves for bad loans to $4.2 billion. The bank also reported market valuation losses of $565 million on the corporate and investment bank level for the second quarter, which is down from losses of $1.6 billion in the first quarter of 2008.

The tally includes $238 million in subprime residential asset-backed CDOs and other related exposures, versus $339 million in the first quarter of 2008. It also includes $209 million in commercial mortgage structured products, $68 million in consumer mortgage structured products, and $152 million in non-subprime CDOs and other structured products.

Overall, Wachovia reported an $8.86 billion Q2 loss for the quarter as well as 6,350 job cuts.