$1 billion and counting: Wells Fargo braces for more losses from oil-and-gas loans

Wells Fargo & Co. has set aside $1.2 billion for potential losses tied to loans to the oil-and-gas sector and warned that more trouble is brewing. The San Francisco-based bank said in a regulatory filing that 10% of its loan loss reserves are tied to the oil-and-gas industry, even though loans to that sector account for just 2% of its overall loan portfolio. Many investors have been wondering whether Wells Fargo (NYSE:WFC) will get burned by oil. The Wall Street Journal noted Wednesday that the…

from Charlotte Business News - Local Charlotte News | Charlotte Business Journal http://www.bizjournals.com/charlotte/blog/bank_notes/2016/02/wells-fargo-oil-prices-gas-energy-loan-losses-wfc.html