The Traderszone Network

Published in TZ Latest News 15 January, 2016 by The TZ Newswire Staff

Citigroup, Wells Fargo gird for loan losses as oil price dives

Wells Fargo & Co (WFC.N) raised provisions against soured assets by more than 70 percent, nearly half of them for oil and gas loans, to ensure it is covered should prices stay at current levels for the rest of the year. The San Francisco-based bank, a major lender to the U.S. energy industry, said it and other banks were talking to borrowers, including production companies and oil services firms, about how to navigate the crunch.

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