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Wachovia nearly doubles previously reported loss

Posted : Tue, 06 May 2008 13:28:05 GMT
Author : Reuters
Category : 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)


(c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.



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