Wells Fargo profit slumps as coronavirus loan defaults loom
The bank sets aside $3.83bn in credit loss provisions
14 April 2020 - 21:13
New York — Wells Fargo on Tuesday reported a plunge in first-quarter profit as the US bank set aside nearly $4bn to cover potential losses on loans to consumers and small businesses hurting due to the coronavirus outbreak.
The US government has poured trillions of dollars into financial markets and launched stimulus programmes to support the economy stalled by the lockdowns put in place to contain the pandemic...
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