WELLS FARGO LOSES $2.4B IN Q2, FIRST LOSS SINCE 2008

USA TODAY US Edition - - MONEY + LIFE -

Wells Fargo lost $2.4 bil­lion in the sec­ond quar­ter, the first quar­terly loss for the bank since the real es­tate crash of 2008. Wells said it set aside an ad­di­tional $8.4 bil­lion for loan loss pro­vi­sions – the money set aside to cover po­ten­tially bad loans – more than dou­ble last quar­ter’s $3.83 bil­lion as the ef­fects of the coro­n­avirus pan­demic rav­aged al­most ev­ery as­pect of its busi­ness.

DAMIAN DOVARGANES/AP

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