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