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Charlie Scharf’s transformation plan is still a work in progress.
Banks are not in the best shape these days, what with the zero interest rates and collapsing economy and mandate to make billions and billions of loans, many of which will not be paid back. Take the nation’s leading bank, JPMorgan Chase: It has set aside some $7 billion to cover those defaults, and may set aside more, which when combined with everything else adds up to a 70% drop in first-quarter profit.
Well, they say that imitation is the sincerest form of flattery, and Wells Fargo has been doing everything it can to imitate the House of Dimon, much to the latter’s annoyance. In terms of COVID-19 earnings reports, however, Wells has got JPMC beat, raising its 70% drop with an 89% quarterly profit evaporation, which when averaged out among all shares produces this hopelessly poetic number.
Banking giant Wells Fargo reported first quarter earnings numbers Tuesday morning of one penny per share. Wall Street was looking for 54 cents, but included in that figure was a 73 cent expense related to the fallout from the Covid-19 pandemic.
JPMorgan Prepares for Wave of Defaults Linked to Coronavirus Shutdown [WSJ]
Wells Fargo Profit Drops 89% as it Girds for Soured Loans [WSJ]
Wells Fargo Earned 1 Penny in the First Quarter. Why the Stock Is Rising Anyway. [Barron’s]
Bank Stocks Are in a Ditch. Earnings Won’t Change That. [WSJ]
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