Wells Fargo & Co swung to a loss in the second quarter after setting aside US$9.5 billion to cover potential loan losses due to the coronavirus ...
Wells Fargo & Co swung to a loss in the second quarter after setting aside US$9.5 billion to cover potential loan losses due to the coronavirus pandemic, the bank said on Tuesday.
FILE PHOTO: Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah MoonREUTERS: Wells Fargo & Co swung to a loss in the second quarter after setting aside US$9.5 billion to cover potential loan losses due to the coronavirus pandemic, the bank said on Tuesday. The lender, which has been struggling to recover from a series of misselling scandals, reported a net loss of US$2.4 billion, or 66 cents per share, for the quarter ended June 30, compared with a profit of US$6.2 billion, or US$1.30 per share, in the year-earlier period.
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