Tuesday, 14 Apr 2020 08:58 PM MYTAPRIL 14 — Wells Fargo & Co today reported a plunge in first-quarter profit as the US bank set aside nearly US$4 billion to cover potential losses on loans to consumers and small businesses hurting due to the coronavirus outbreak.
With or without those programs, the unpaid bills are stacking up. Under a new accounting rule, banks must predict losses over the life of a loan and reserve that cash now, which led Wells Fargo to set aside some US$3.83 billion in credit loss provisions, up from US$845 million a year earlier. Quarterly profit at Wells Fargo, which does not have the large investment banking and trading operations like its other big bank peers, plummeted to US$42 million, or 1 penny per share, from US$5.51 billion, or US$1.20 per share, a year earlier.
Earlier today, JPMorgan Chase & Co reported a 69 per cent slump in first-quarter profit as the coronavirus pandemic forced the largest US bank to boost reserves.
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