Wells Fargo loan book swells $48bn in Q1
San Francisco-based bank clears space on balance sheet for increased lending
The amount of loans held by Wells Fargo surged 5% in the first three months of 2020 to over $1 trillion, as corporate customers drew on credit lines to weather the coronavirus crisis.
As of end-March, commercial and consumer loans totalled $1.01 trillion, up from $962.3 billion at end-2019. Commercial loans grew by $52 billion (+10%) from the previous quarter to $567.7 billion, driven up by clients utilising existing revolving credit lines. The bank disclosed $80 billion of gross draws on
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