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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Wells Fargo and Company | NYSE:WFC | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 59.52 | 99 | 10:43:09 |
From May 2019 to May 2024
By Ben Eisen
Wells Fargo & Co. posted its first quarterly loss in more than a decade as it socked away money to prepare for a wave of soured loans.
The San Francisco-based bank lost $2.38 billion in the second quarter, compared with a profit of $6.21 billion a year earlier, as the novel coronavirus continued to pummel the economy. It was the bank's first loss since the fourth quarter of 2008 and just its third loss of this century.
The bank lost 66 cents per share. Analysts polled by FactSet had expected a loss of 16 cents.
Revenue of $17.84 billion was down 17% from $21.58 billion a year earlier.
The lender has been hit hard by the economic collapse resulting from the coronavirus pandemic, which has forced many consumers and businesses to seek reprieve on their debt payments.
Write to Ben Eisen at ben.eisen@wsj.com
(END) Dow Jones Newswires
July 14, 2020 08:26 ET (12:26 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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