Wells Fargo holding onto pandemic reserves given U.S. economic risks
NEW YORK, June 14 (Reuters) - Wells Fargo & Co's (WFC.N)chief financial officer told investors on Tuesday the bank will not release funds it set aside to cover potential pandemic-related loan losses this quarter because of the "uncertainty" facing the U.S. economy.
https://www.reuters.com/business/finance/wells-fargo-cfo-says-bank-unlikely-release-reserves-amid-uncertainty-2022-06-14/
Never borrowing money again, let the rates go to the moon.
Most of the pandemic reserves were already reversed. Loan losses are so low that the only way they could go is up.
It’s not a nothingburger, but it isn’t really something, either.
So when will savings and CD rates start going up? Savers have propped up the housing and stock markets long enough. It’s about time we got paid.
All my CC debt is on balance transfers, lol. I don't care what the rates are.
Yeah, setting the stage for a terrible raise and bonus season (not for the execs, of course, just everyone else).
That's about par for this economic course. Hold onto savings and don't use those credit cards. We're in for a bumpy ride - 24 months