Wachovia Corp. has been on a roll lately — going the wrong direction. The North Carolina bank, which boasts the No. 1 market share in Florida, said Tuesday that it was nearly doubling its previously reported losses for the first quarter after reviewing its portfolio of bank-owned life insurance. Turns out Wachovia lost $708-million, or 36 cents per share, instead of an initially reported loss of $393-million, or 20 cents per share, during the quarter. The miscue was tied a review of three contracts. The restatement comes a week after Wachovia said it may take an after-tax charge of up to $1-billion in the second quarter tied to past leasing transactions. It also recently agreed to pay $144-million to settle federal allegations that it failed to stop telemarketers who took advantage of thousands of elderly consumers. Plus it contended with published reports that federal prosecutors are investigating the bank for links to drug money laundering by Colombian and Mexican money-transfer companies. The good news? Wachovia's stock closed Tuesday at $30.08, up 30 cents.
Wachovia's quarterly loss nearly doubles in restatement
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