By Reuters
Wells Fargo holding onto pandemic reserves given U.S. economic risks
NEW YORK (Reuters) -Wells Fargo & Co’s chief financial officer told investors on Tuesday the bank will not release funds it set aside to cover potential pandemic-related loan losses this quarter because of the “uncertainty” facing the U.S. economy. “We still think there’s significant risk that’s out there,” CFO Mike Santomassimo said at a conference in New York, adding that the bank has released reserves in several recent quarters. This quarter, Santomassimo told investors mortgage income will decline by 50% from first quarter levels, along with investment bank fees, which are falling on less dealmaking activity.
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