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Tuesday, May 06, 2008
Wachovia Reports $708M Loss in Restated Earnings
FOXBusiness
![Wachovia Branch [276]](/images/stories/wachovia_branch.jpg)
North Carolina-based Wachovia restated on Tuesday its first-quarter loss to more than double what the bank previously reported.
The bank is now reporting a loss of $708 million, or 36 cents a share, compared to its previous report of a loss of $393 million.
Wachovia (WB) said it had to do additional reviews of its life insurance portfolio, specifically three privately-held contracts, and had to increase the company’s loss in that business.
In April, Wachovia reported the loss and had to raise an additional $7 billion in additional capital. Shares of the bank were down 1% in early morning trading.
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