CHARLOTTE, N.C. (AP) - Wachovia Corp. is nearly doubling its loss for the first-quarter to $708 million after reviewing its portfolio of bank-owned life insurance.
In April, the nation's fourth-largest bank reported a $393 million first-quarter loss, cutting its dividend and seeking a $7 billion cash injection at the same time.
On Monday, Wachovia said it had later reviewed information regarding stable value agreements totaling $360 million, which were provided by a third-party guarantor with respect to three related contracts within its bank-owned life insurance portfolio.
The Charlotte-based bank said it will record valuation losses of $315 million on the assets, increasing its net loss to $708 million or 36 cents a share.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
- news
- video
- weather
- sports
- on your side
- Entertainment
- Lifestyles
- Social
- Services
- Real Estate
- Classifieds
- Shopping
- About Us
Email
Facebook
Google
Twitter
Favorites
More
Advertisement