Wells Fargo Sets Aside $1.7 Billion for Souring Oil Loans: Chartby
Wells Fargo & Co. has $17.8 billion in outstanding loans to the energy sector. The bulk of the banks’ exposure is to oilfield service companies and producers, two sectors that have seen the most financial stress. Wells Fargo said Thursday it has set aside $1.7 billion to cover potential oil and gas losses. The bank had net charge-offs in energy of $204 million in the first quarter.