Wachovia(WB Quote) said Tuesday that its first-quarter earnings loss was 80% higher than originally reported due to additional writedowns related to its bank-owned life insurance portfolio.
The Charlotte-based bank increased its first-quarter loss to $708 million, or 36 cents a share, up from $393 million, or 20 cents a share, as reported in mid-April, according to a filing with the Securities and Exchange Commission.
The bank restated earnings after it reviewed so-called stable value agreements (SVA) totaling $360 million that were provided by a third-party guarantor with respect to three related contracts within Wachovia's bank-owned life insurance portfolio (BOLI). Wachovia concluded that it would record valuation losses of $315 million on the related BOLI assets, it said. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,309.92 | 1,091.49 | 2,138.44 | 32.31 |
Oil *
77.12
|
|
DOWN
154.48
|
DOWN
19.14
|
DOWN
37.61
|
DOWN
0.48
|
10 Yr
3.23%
SPDR Gold
115.06
|
|
-1.48%
|
-1.72%
|
-1.73%
|
-1.46%
|
Data delayed 20 minutes |
Connect with TheStreet