Loan-loss provision charges nearly triple at Wells Fargo
Wells Fargo put aside $9.6 billion to cover bad loans over the three months to end-June, up from $3.8 billion in Q1.
Of this amount, around $8.4 billion was to bolster loss reserves, known as allowance for credit losses (ACL), and the remainder to write off delinquent obligations.
Total ACL as of end-June stood at $20.4 billion, up from $12 billion in Q1 and $10.5 billion at end-2019. This is the equivalent of 2.19% of outstanding loans.
!function(e,i,n,s){var t="InfogramEmbeds",d=eOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
More on Risk Quantum
7 days in 60 seconds
Covid bank tests, swap fix deferred and SOFR switch
The week on Risk.net, October 17-23, 2020
Receive this by email