(Bloomberg) — Wells Fargo & Co. plummeted 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 $9.5 billion for credit losses, about $4 billion more than analysts had expected. Wells Fargo executives had warned they would earmark more for soured loans than the first quarter’s $4 billion as the pandemic continues to rage throughout the U.S. and weigh on companies and workers.The San Francisco-based lender also cut its dividend to 10 cents a share from 51 cents. Wells Fargo said …read more
Source:: Yahoo Finance
