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SAN FRANCISCO - Wells Fargo & Co. on Thursday revised its fourth-quarter loss due to a new $328.4 million charge related to losses on investments.
The San Francisco-based bank said its loss for the quarter widened to 84 cents per share from 79 cents per share. The company's net income for the year was reduced to $2.66 billion, or 70 cents per share, from $2.84 billion, or 75 cents per share.
As a result of events since the bank announced its earnings late last month, Wells Fargo determined that it should record the losses on certain securities as other-than-temporary impairment and take a non-cash charge.
Because the securities were carried at fair value at Dec. 31, the loss was previously recorded as unrealized losses on securities available for sale.
In the fourth quarter of 2007, the bank earned $1.36 billion, or 41 cents per share.
The biggest cost during the quarter came from a write-down of $37.2 billion on Wachovia Corp.'s loan portfolio. Wells Fargo won a battle with Citigroup Inc. to buy the troubled Charlotte, N.C.-based bank in October.
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Data is a real-time snapshot *Data is delayed at least 15 minutes