Wachovia's First Quarter Losses Worse Than Previously Reported
CHARLOTTE, N.C. (AP)- Wachovia is nearly doubling its loss for the first-quarter to $708 million after reviewing its portfolio of bank-owned life insurance. The Charlotte, North Carolina-based bank reported last month a $393 million first-quarter loss, cutting its dividend and seeking a $7 billion cash injection at the same time. Wachovia said yesterday it had reviewed information regarding The nation's fourth-largest 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. Wachovia is the largest bank in the Augusta market. (Copyright 2008 by The Associated Press. All Rights Reserved.) Rich Rogers contributed to this story. The following comments do not necessarily represent the views of NBC Augusta 26| news, weather, sports, community, entertainment, shopping for Augusta, Georgia. Users have agreed to these terms and in doing so accept full responsibility for their comments. Moderation is limited. Wednesday, May 7 at 3:53 PM moya1@bellsouth.net wrote ...Something fishy is going on at Wachovia if they are reporting losses. I closed my accounts today and will not receive the credit balance for two to three weeks (no interest will be accrued). If I deposit funds on Friday after 4:00 p.m. the amount is not available until the following Tuesday. What are they doing with my money during the interim? Surely there are enough such transactions to keep the bank from posting losses? Inappropriate? Alert Us!Add a commentMost PopularMore Good Stuff |
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