Wells Fargo profits collapse as it sets aside $3 billion to weather coronavirus crisis

Wells Fargo’s first quarter profits suffered as the bank set aside billions to gird for the effect the ongoing economic shutdown will have on the world economy.The bank posted 1 cent of earnings per share for the first quarter, down from $1.20 per share during the same quarter last year. The bank is preparing for defaults from businesses and consumers affected by the novel coronavirus pandemic.“We have entered into a world we have never seen before,” CEO Charlie Scharf said on an earnings call. “There are many unknowns.”The San Francisco-based bank was one of the first banks to post earnings s…

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