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Wells Fargo Projected Losses Half That of Fed’s in Stress Test

A customer enters at a Wells Fargo & Co. bank branch in Hermosa Beach, California. Photographer: Patrick T. Fallon/Bloomberg
A customer enters at a Wells Fargo & Co. bank branch in Hermosa Beach, California. Photographer: Patrick T. Fallon/Bloomberg

March 20 (Bloomberg) -- Wells Fargo & Co. estimated that loan losses in a worst-case scenario would be about half as much as what the Federal Reserve projected in an annual stress test.

Write-offs at the San Francisco-based bank would amount to $26.8 billion over a nine-quarter period ended Dec. 31, 2015, the company said today in a statement. The Fed estimated that Wells Fargo’s loan losses would total $55.1 billion in the hypothetical situation.

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To contact the reporter on this story: Dakin Campbell in New York at dcampbell27@bloomberg.net

To contact the editor responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net

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