Wells Fargo in the red: bank posts first quarterly loss since 2008

Wells Fargo posted a quarterly loss for the first time in over a decade on Tuesday as it set aside $8.4 billion in the second quarter to cover coming defaults on loans due to the coronavirus pandemic. The bank also cut its dividend to 10 cents per share from 51 cents per share.The bank, the fourth-largest in the U.S., lost $2.4 billion in the second quarter, its first loss since 2008. That’s down from a profit of $653 million in the first quarter. Lower interest meant net interest income was down $1.4 billion to $9.9 billion for the quarter, while more strength in the bank’s trading and securi…

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