current-levels
Citigroup, Wells Fargo gird for loan losses as oil price dives
January 17, 2016 by creative · Leave a Comment
Wells Fargo & Co 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. Citigroup Inc set aside $250 million to cover losses related to its energy portfolio …
More here:
Citigroup, Wells Fargo gird for loan losses as oil price dives