Wells Fargo & Co has revived its special group for bad energy loans in recent weeks as the bank braces for more pain from the sharp downturn in oil prices, people familiar with the matter told Reuters.
) has revived its special group for bad energy loans in recent weeks as the bank braces for more pain from the sharp downturn in oil prices, people familiar with the matter told Reuters.
Sitting inside the credit-resolution group, where Wells Fargo handles struggling borrowers, the team includes many bankers who previously worked with the same oil and gas producers in its investment bank. “It’s a bloodbath,” said one person with knowledge of the bank’s oil and gas portfolio, who was not authorized to speak publicly.
Global energy markets are awash with crude oil because of a price war between Saudi Arabia and Russia that boosted supply while demand was cratering due to the global coronavirus outbreak. The U.S. benchmark oil price briefly traded negatively last week for the first time in history.
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