Wells Fargo CEO Says Bank May Lose $3B On Office Loans
Allwork
OCTOBER 25, 2024
Wells Fargo Chief Executive Officer Charlie Scharf said on Thursday that the U.S. lender may lose $2 billion to $3 billion on its commercial real estate office loan portfolio. “We’ve reserved for all of it, so the balance sheet is de-risked, but it’s going to play out over three, four years,” Scharf said at an event. He added that commercial real estate is performing very well overall, adding that concerns about the industry are decreasing as interest rates decline.
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