While the cash advance gives you, the No. 4 U.S. bank, a significant presence in the fast-growing western United States, it also expands the bank's exposure to mortgage lending, which cash advance analysts say has already passed its recent peak.
"It's cash advance , and this adds more cyclicality to their earnings
stream, which always puts downward pressure on its price-earnings multiple,"
said Jim Russell, director of core equity strategy at cash advance in Cincinnati, which owns Wachovia shares.
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