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Wells Fargo on Tuesday posted its first quarterly loss since the financial crisis as the bank set aside $8.4 billion in loan loss reserves tied to the coronavirus pandemic.
The bank had a net loss of $2.4 billion in the second quarter, or a loss of $0.66 a share, worse than the 20 cents a share loss expected by analysts surveyed by Refinitiv. Revenue of $17.8 billion was also weaker than analysts’ $18.4 billion estimate.
Here’s what Wall Street expected:
Earnings: a loss of 20 cents a share, compared with earnings of $1.30 a share a year earlier, according to Refinitiv.
Revenue: $18.4 billion, a 15% decline from a year earlier.