Wells Fargo posts $2.4bn quarterly loss and slashes dividend
The lender cuts its dividend to 10c a share from 51c
14 July 2020 - 21:42
New York — Wells Fargo slumped on Tuesday after reporting its first quarterly loss since 2008 as loan-loss provisions soared with the bank expecting a more severe downturn from the coronavirus pandemic.
The firm set aside a record $9.5bn for credit losses, about $4bn more than analysts had expected. Wells Fargo executives had warned they would earmark more for soured loans than the first quarter’s $4bn as the pandemic continues to rage throughout the US and weigh on companies and workers...
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