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    Tuesday, May 06, 2008

    Wachovia Reports $708M Loss in Restated Earnings

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      Wachovia Branch [276]

      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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