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MarketScreener Homepage  >  Equities  >  Nyse  >  Wells Fargo & Company    WFC

WELLS FARGO & COMPANY

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Wells Fargo : problem loans jump 62 percent, driven by energy

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05/04/2016 | 06:29pm EDT
The sign outside the Wells Fargo & Co. bank in downtown Denver

(Reuters) - Wells Fargo & Co (>> Wells Fargo & Co) racked up a 62 percent increase in potentially problematic loans, mainly to oil and gas companies, according to its first-quarter regulatory financial filing released on Wednesday.

(Reuters) - Wells Fargo & Co (>> Wells Fargo & Co) racked up a 62 percent increase in potentially problematic loans, mainly to oil and gas companies, according to its first-quarter regulatory financial filing released on Wednesday.

Loans regulators define as "criticized" rose to nearly $30 billion as of March 31 from about $18.5 billion at the end of 2015, the filing said. The remaining $290.5 billion of Wells Fargo's commercial and industrial loan portfolio was classified as "pass."

Criticized loans range from those with potential weaknesses to essentially worthless ones that should no longer count as assets on bank balance sheets.

Wells Fargo's total energy-related exposure, including funded and unfunded loans, decreased $317 million to $43.5 billion in the quarter, the filing said.

Wells Fargo and other banks have beefed up reserves for possible loan losses as sharply lower oil prices have made it difficult for energy companies to repay their debts. Wells Fargo has been one of the most aggressive large banks in providing equity and second lien financing to small exploration and production companies in the sector.

In its quarterly filing on Friday, JPMorgan Chase & Co (>> JPMorgan Chase & Co.) said its criticized loans to the oil and gas industry more than doubled to $9.7 billion at the end of March. Wells Fargo did not specify what portion of its oil and gas loans were criticized.

JPMorgan's overall criticized loans rose to about $21.2 billion from $14.6 billion at year-end, a 45 percent increase.

(Reporting by Dan Freed; Editing by Bill Rigby and Richard Chang)

Stocks treated in this article : JPMorgan Chase & Co., Wells Fargo & Co
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Financials (USD)
Sales 2020 71 315 M - -
Net income 2020 324 M - -
Net Debt 2020 - - -
P/E ratio 2020 886x
Yield 2020 5,16%
Capitalization 97 439 M 97 439 M -
Capi. / Sales 2020 1,37x
Capi. / Sales 2021 1,35x
Nbr of Employees 266 300
Free-Float 75,0%
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 29,28 $
Last Close Price 23,65 $
Spread / Highest target 94,5%
Spread / Average Target 23,8%
Spread / Lowest Target -11,2%
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Managers
NameTitle
Charles William Scharf President, Chief Executive Officer & Director
Charles H. Noski Chairman
Scott E. Powell Chief Operating Officer & Senior Executive VP
John Richard Shrewsberry Chief Financial Officer & Senior Executive VP
Saul van Beurden Senior Executive VP & Head-Technology
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