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Wells Fargo Announces $2.4B Loss, Dividend Cut “We are extremely disappointed in both our second-quarter results and our intent to reduce our dividend,” CEO Charlie Scharf says.
Chief Executive Charles Scharf has said earnings are expected to be similarly weak in the second quarter. Wells Fargo also announced a third-quarter dividend cut to 10 cents per share from 51 cents per share. Wells Fargo stockholders needn't worry even if the mega-bank is a dividend-cut candidate By David Moadel , InvestorPlace Contributor Jun 3, 2020, 9:02 am EDT June 3, 2020 The stock has lost more than half of its value so far this year, compared with 34% for Wells Fargo’s peers. As a result, some investors and analysts believed that Wells Fargo, whose earnings declined sharply last quarter, would have to cut its dividend.Wells Fargo & Co. said it expects to cut its dividend for the first time in more than a decade to preserve capital to weather the coronavirus pandemic.--Liz Hoffman contributed to this article.The other big U.S. banks -- JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Goldman Sachs Group Inc. and Morgan Stanley -- said they intend to hold their dividends steady. All Rights Reserved. 50 Broad Street, New York, N.Y. 10004The bank also intends to reduce its dividend from 51 cents to 10 cents, subject to board approval.Wells Fargo added $8.4 billion to its credit loss reserve in the second quarter in response to the pandemic but Scharf said the bank’s “view of the length and severity of the economic downturn has deteriorated considerably” and it was critical to protect “our capital position if economic conditions were to further deteriorate.”For the three months ended June 30, Wells Fargo suffered a loss of $2.4 billion, or 66 cents per share, a sharp reversal from the $6.2 billion, or $1.30 per share, that the lender earned a year ago. Banks had previously committed to halting buybacks through the second quarter.The biggest banks all posted lower profits in the first quarter, and they socked away billions of dollars to deal with soured loans. On June 18, I wrote about Wells Fargo & Co. (NYSE:WFC) being "A Sudden Dividend Hotshot." But Wells Fargo's business lines were already struggling pre-pandemic; the bank's four-year-old fake-account scandal has crimped revenue growth and forced it to lean on cost cutting."There remains great uncertainty in the path of the economic recovery and though it's difficult to accurately predict the ultimate impact on our credit portfolio, our economic assumptions have changed significantly since last quarter," he said.June 29, 2020 18:05 ET (22:05 GMT)Write to Ben Eisen at ben.eisen@wsj.comThe fourth-largest U.S. bank by assets said Monday it would cut its dividend from the 51 cents it paid in each of the four most recent quarters. The bank's shares have more than halved so far this year, putting in the worst performance of the six largest banks. The central bank said that in a worst-case scenario in which the economy takes a long time to recover, banks could face as much as $700 billion in loan losses. Still, this would be the first time they collectively reduced their per-share payout since the second quarter of 2009, when banks faced an existential threat from the housing crisis.The potential for a dividend cut has been a concern among Wells Fargo's investors in recent months. The KBW Nasdaq Bank Index was down 36% in 2020 and the S&P 500 was down 5.5%.The Federal Reserve also asked banks not to repurchase their own shares in the third quarter. In a statement Monday, he said he expects the bank will need to make a bigger increase in its allowance for credit losses than in the first quarter.Banks are in a much stronger position now than they were during the past financial crisis.