Wells Fargo swings to loss on higher provisions to cover soured loans By Reuters

Wells Fargo swings to loss on higher provisions to cover


© Reuters. Wells Fargo Bank branch is seen in New York

(Reuters) – Wells Fargo (NYSE:) & Co swung to a loss in the second quarter after setting aside $9.5 billion to cover potential loan losses due to the coronavirus pandemic, the bank said on Tuesday.

The lender, which has been struggling to recover from a series of misselling scandals, reported a net loss of $2.4 billion, or 66 cents per share, for the quarter ended June 30, compared with a profit of $6.2 billion, or $1.30 per share, in the year-earlier period.

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