Wells Fargo Reports Only $0.01 Profit Per Share in Q1

Wells Fargo (NYSE: WFC) reported a profit of just $0.01 per share in the first quarter, well below expectations after the coronavirus pandemic forced the bank to set aside a much larger amount of cash to cover potential loan losses.

The main reason for the subdued profit, according to CFO John Shrewsberry, is a $3.1 billion addition to the company's reserves for loan losses and a $950 million impairment of securities "driven by economic and market conditions."

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Source Fool.com