Wachovia Corp. restated its first quarter loss on Tuesday, raising it 80 percent to $708 million after taking a write-down linked to employee life insurance policies.
The fourth largest U.S. bank lost 36 cents per share for the quarter compared to the previously reported loss of$393 million, or 20 cents per share on April 14.
The additional loss of $315 million was triggered by a review of $360 million of stable value agreements given by a third-party guarantor, the company said. Those were related to contracts in the bank's life insurance portfolio.
Wachovia shares rose 30 cents, or 1.01 percent to close at $30.08.