'We have some work to do to repair our relationship with our regulators.' Despite misses on Q2 earnings and poor share price performance, Wells Fargo CFO John Shrewsberry says the 'franchise' is still intact.
The bank had a net loss of $2.4 billion in the second quarter, or a loss of 66 cents a share, worse than the 20 cents a share loss expected by analysts surveyed by Refinitiv.The bank also announced a new quarterly dividend of 10 cents a share, a deeper-than-expected reduction in its payout that may indicate the bank's pessimism about the coming year.on Tuesday posted its first quarterly loss since the Great Recession as the bank set aside $8.
The embattled banking giant was widely expected to post a loss as it had telegraphed its need to set aside billions of dollars for soured loans tied to the pandemic. The company is laboring under a dozen regulatory consent orders tied to its 2016 fake accounts scandal, including one from the Federal Reserve that caps its asset growth. These have made running the bank during the coronavirus crisis harder, and Scharf strongly hinted last month that he would have to cut expenses and jobs this year.
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