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Stock impact report

The Scariest Number From This Week's Megabank Earnings Reports [The Motley Fool]

Wells Fargo & Company (WFC) 
Last wells fargo & company earnings: 4/14 07:46 am Check Earnings Report
US:NYSE Investor Relations: wellsfargo.com/about/investor-relations
Company Research Source: The Motley Fool
This is a big week for the banking sector. America's four biggest banks by assets --JPMorgan Chase(NYSE:JPMBank of AmericaNYSE:BACWells FargoNYSE:WFCCitigroupNYSE:CAnd while in many ways America's big four reported results that were in line with expectations, investors and analysts were caught off guard by a single metric that caused their earnings to fall sharply from last year and set the stage for what could prove an incredibly painful second quarter of the year and beyond. That metric: loan loss reserves.Between them, the four banks above took a massive $ billion in credit costs and loss provisions in the first quarter, preparing their balance sheets for what could be a massive wave of defaults in the months ahead as tens of millions of Americans lose their jobs or see their income fall, and then fall behind on their debt payments.Image source: Getty Images.Putting the numbers in proper contextFirst, what does this mean? In short, banks are required to carry provisions on their ba Show less Read more
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