Wells Fargo & Co.'s (NYSE: WFC) 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. Revenue for the quarter came to $17.8 billion, a roughly 18% year-over-year drop. By comparison, Wells Fargo posted net income of $6.2 billion, or $1.30 in diluted earnings per share, in the second quarter of 2019. Wells…
from Charlotte Business News - Local Charlotte News | Charlotte Business Journal https://www.bizjournals.com/charlotte/news/2020/07/14/wells-fargo-reports-second-quarter-losses-in-2020.html?ana=RSS&s=article_search
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