Wells Fargo sold assets to stay under Fed asset cap: report
The bank reported his first quarterly loss since 2008 on July 14, with its loan loss provisions increasing sharply to $ 8.4 billion due to the coronavirus pandemic.
Wells Fargo lost $ 2.4 billion, or $ 0.66 per share, against profits of $ 6.2 billion, or $ 1.30 per share, a year ago and $ 653 million, or $ 0.01 per share, in the first quarter.
Its total revenue was $ 17.8 billion in the second quarter, up slightly from $ 17.7 billion in the first quarter, but down from $ 21.6 billion in the quarter. last year.
The bank’s financial advisor workforce fell to 13,298, down from 13,450 as of March 31, and down from 13,723 a year ago. (The bank had 15,086 registered representatives September 30, 2016, when he started making headlines for his fake accounts scandal.)
The net income of the patrimonial unit plunged 70% from a year ago to reach $ 180 million in Q2’20.
Wells Fargo CEO Charlie Scharf said the bank will start cutting costs in the second half of 2020 and plans to cut spending by at least $ 10 billion. “This cannot continue,” Scharf said after the bank released its second quarter results.
The bank, which has some 266,000 employees, aims to cut thousands of jobs from this year.
– To verify Senator Warren questions Wells Fargo again on ThinkAdvisor.