Wachovia nearly doubles previously reported loss
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Tue, 06 May 2008 13:28:05 GMT |
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Reuters |
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US (Business) |
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NEW YORK (Reuters) - Wachovia Corp , the fourth-largest U.S. bank, on Tuesday nearly doubled the size of its previously reported first-quarter loss because of a write-down on three contracts in its life insurance portfolio.The company is now reporting a net loss available to common stockholders of $708 million, or 36 cents per share. On April 14, it reported a loss of $393 million, or 20 cents per share.Wachovia said it increased the loss after reviewing information regarding $360 million of stable value agreements provided by a third-party guarantor.The bank said it may be able to realize benefits from these agreements in future quarters.Wachovia disclosed the increased loss in a U.S. Securities and Exchange Commission filing. The bank is based in Charlotte, North Carolina.(Reporting by Jonathan Stempel, editing by Dave Zimmerman)
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