Wachovia's Restated Loss Jumps

CHARLOTTE, N.C. -- Wachovia Corp. said Tuesday it is nearly doubling previously reported losses for the first quarter after reviewing its portfolio of bank-owned life insurance, The Associated Press reported.

The Charlotte, N.C.-based bank said it lost $708 million, or 36 cents per share, during the January-March period, according to a filing with the Securities and Exchange Commission. It previously said losses totaled $393 million, or 20 cents per share, during the quarter.

Meanwhile, Robert Verrone, known by the nickname "Large Loan" because of his hard-charging personality and proclivity for $50 million-plus mortgages at attractive terms, is expected to leave Wachovia within the next week, The Wall Street Journal reported Wednesday citing people familiar with the matter.

The reason for Verrone's departure couldn't be determined. One person familiar with the situation told the paper that the exit as "a perfectly amicable split."

-- NYSSCPA.org News Staff

Posted on 5/7/08