Wells Fargo caps role in coronavirus rescue program at $10 billion [Yahoo! Finance News]
Allspring Global Dividend Opportunity Fund Common Shares of Beneficial Interest (EOD)
US:NYSE Investor Relations:
wellsfargofunds.com/ip/products/closed-end-funds/overview.html?accountingid=2lsc&shareclass=closed-end
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Source: Yahoo! Finance News
Wells Fargo Bank branch is seen in New YorkBy Imani Moise) - Wells Fargo & Co said late Sunday that it will cap its participation in the U.S. government's small business coronavirus rescue program at $10 billion due to regulatory constraints.The $350 billion loan program, which launched on Friday, will provide low-interest loans to help small businesses cover payroll and other fixed costs such as rent, mortgages and utilities over the next eight weeks."While we are actively working to create balance sheet capacity to lend, we are limited in our ongoing ability to use our strong capital and liquidity position to extend additional credit," Chief Executive Charlie Scharf said in a statement.The Federal Reserve in early 2018 ordered Wells Fargo to keep its assets below $1.95 trillion, until it had improved its governance and risk controls following a wave of sales practice scandals. The bank started 2020 with roughly $20 billion of room under the cap, according to filings.Wells Fargo, the
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