Wells Fargo Swings to First Loss In More Than A Decade
July 14 2020 - 8:41AM
Dow Jones News
By Ben Eisen
Wells Fargo & Co. posted its first quarterly loss in more
than a decade as it socked away money to prepare for a wave of
soured loans.
The San Francisco-based bank lost $2.38 billion in the second
quarter, compared with a profit of $6.21 billion a year earlier, as
the novel coronavirus continued to pummel the economy. It was the
bank's first loss since the fourth quarter of 2008 and just its
third loss of this century.
The bank lost 66 cents per share. Analysts polled by FactSet had
expected a loss of 16 cents.
Revenue of $17.84 billion was down 17% from $21.58 billion a
year earlier.
The lender has been hit hard by the economic collapse resulting
from the coronavirus pandemic, which has forced many consumers and
businesses to seek reprieve on their debt payments.
Write to Ben Eisen at ben.eisen@wsj.com
(END) Dow Jones Newswires
July 14, 2020 08:26 ET (12:26 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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