Wells Fargo CFO Predicts Higher Loan-Loss Provisions to Come
Wells Fargo (NYSE: WFC) is continuing to feel the pain of the recession that was set off by the COVID-19 pandemic, and its financial performance for the current quarter will reflect that. In an investor conference, CFO John Shrewsberry warned that its loan-loss provisions would be higher in the second quarter than they were in the first quarter, during which efforts to stem the pandemic began to require many U.S. businesses to shut down.
In Q1, Wells Fargo boosted its loss provisioning by $3.1 billion, which drove its net profit down sharply -- to $0.01 per share, from the previous quarter's $0.60 per share.
Image source: Wells Fargo.
Source Fool.com
