Make us your home page

Wachovia's quarterly loss nearly doubles in restatement

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 05/06/08 [Last modified: Thursday, October 28, 2010 1:38pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. New apartment complex delivers unique floor plans


    RIVERVIEW — A new luxury apartment community has opened in the Progress Village area touting itself as a distinct living option just 10 miles from downtown Tampa.

    Alta at Magnolia Park dubs its new apartment community, that opened earlier this year in Riverview, a modern and distinct option for living just 10 miles from downtown Tampa.
  2. 'Road to Nowhere' is back: Next phase of Suncoast Parkway coming


    Despite intense public opposition and dubious traffic projections, the Florida Department of Transportation has announced that construction of the toll road known as "Suncoast 2" is expected to start in early 2018.

    The Suncoast Parkway ends at U.S. 98 just south of Citrus County. For years residents have opposed extending the toll road, a project dubbed the "Suncoast 2" into Citrus County. But state officials recently announced that the Suncoast 2 should start construction in early 2018. [Stephen J. Coddington  |  TIMES]
  3. A sports rout on Wall Street


    NEW YORK — Sporting goods retailers can't shake their losing streak.

  4. Grocery chain Aldi hosting hiring event in Brandon Aug. 24


    BRANDON — German grocery chain Aldi is holding a hiring event for its Brandon store Aug. 24. It is looking to fill store associate, shift manager and manager trainee positions.

  5. Lightning owner Jeff Vinik backs film company pursuing global blockbusters


    TAMPA — Jeff Vinik's latest investment might be coming to a theater near you.

    Jeff Vinik, Tampa Bay Lightning owner, invested in a new movie company looking to appeal to a global audience. | [Times file photo]