Comment on Wells Fargo reports loss of $2.4 billion in second quarter, cuts dividend by 80%

Wells Fargo reports loss of $2.4 billion in second quarter, cuts dividend by 80%

Wells Fargo & Co.'s second-quarter earnings suffered under the ongoing effects of the Covid-19 pandemic. The bank reported a net loss of $2.38 billion, or 66 cents per diluted share, for the second quarter of 2020. That loss was largely due to a $8.4 billion addition to its loan-loss reserves.

 

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