Wachovia CEO Ken Thompson says he does not expect a recession in 2008 despite ongoing troubles in the nation's financial markets.
But the chief executive of the nation's fourth largest bank admits his industry is in for another rough year. But he believes Wachovia is prepared to weather the ongoing storm in both the housing and credit markets.
Thompson says in an Associated Press interview yesterday that he expects slower growth in 2008 than the industry has experienced over the last five or six years.
Thompson says the subprime-mortgage crisis that has roiled financial markets will continue to exact a toll in 2008. That turmoil has already forced more than 100 mortgage companies to shutter their doors, leaving tens of thousands without jobs.