Similar Stories to Wells Fargo Reports Loss Of $2.4 Billion In Second Quarter, Cuts Dividend By 80% on Bing News

Caroline Hudson, Biz Journals
Tue, 07/14/2020 - 3:32pm

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. There was $1.2 billion in operating losses, including $765 million in accruals for customer remediation. Revenue for the quarter came to $17.8 billion, a roughly 18% drop from the $21.6 billion reported…

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Topics:  wells fargo    co   covid-19   revenue   quarter   loss of billion   reported   
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