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Wells Fargo Increases Loan Loss Provisions

Wells Fargo Increases Loan Loss Provisions

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FintechNews RoundupUSA
··1 min read

Wells Fargo shared that they set aside $4 billion in loan-loss provisions in Q1 2020, a number five times that of what the bank had allocated the year prior; according to American Banker, this contributed to an 89% drop in net income from the same quarter in 2019; the loan loss provisions take into account an accounting rule which required banks to recognize potential losses more quickly; many are watching bank earnings closely to get a feeling for the impact of the coronavirus on the economy; Wells Fargo, like many banks is offering grace periods to those with mortgages and is also working to help their employees during these challenging times. American Banker

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    With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.

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