Big banks built a $35B fortress to protect against coronavirus bankruptcies [MSN Money]
Wells Fargo & Company (WFC)
Last wells fargo & company earnings: 4/14 07:46 am
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Source: MSN Money
© Mark Kauzlarich/Bloomberg/Getty ImagOfficials in Washington are trying hard to minimize the amount of bankruptci, defaults and foreclosur caused by the coronavirus pandemic. America's big banks areplanning for the worst anyway.Bank of America, JPMorgan Chase, Citigroup, Wells Fargo and US Bancorp have set aside an additional $5 billion during the first quarter to cushion against loans that go bust, according to a tally by Edward Jon.That unprecedted sum underscor themagnitude of the economic shock"I've never se anything like this. It's pretty amazing," said Jam Shanahan, banking analyst at Edward Jon.JPMorgan, America's largt bank, reported a69% plunge in first-quarter profitUnlike the Great Recsion, which played out over many quarters, this crisis came all at once. That required a swift rponse from banks.Bank of America, citing the "weaker currt and expected economic conditions" increased its loss-absorbing rerv by $.6 billion."We believe deferrals, coupled with governmt stimulus f
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WFC
News
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- EquipmentShare Closes $2.75 Billion Senior Secured Asset-Based Revolving Credit Facility With Wells FargoBusiness Wire
- Wells Fargo to Present at the Goldman Sachs Financial Services ConferenceBusiness Wire
- Barclays Analyst Positive on Wells Fargo (WFC) [Yahoo! Finance]Yahoo! Finance
WFC
Earnings
- 10/15/25 - Beat
WFC
Sec Filings
- 12/1/25 - Form 424B2
- 12/1/25 - Form 424B2
- 12/1/25 - Form 424B2
- WFC's page on the SEC website