Despite Wells Fargo's huge profit beat and a pronouncement that the firm had surpassed its stress-test capital mandate, investors sent its stock down on worries about escalating credit problems.
Wells added $700 million to its credit reserves, bringing its total allowance for credit losses over the next year to $23.5 billion.
"We expect credit losses and nonperforming assets to increase," Chief Credit Officer Mike Loughlin said in a statement.
http://www.thestreet.com/story/10549240/1/wells-fargos-beat-rings-hollow.html
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