The North Carolina company had promised regulators not to close large numbers of branches until December. Meanwhile, vendor contracts, leases and other hurdles have made it hard to accelerate efforts to offset a sudden decline in revenue.
Defaults have been milder than expected thanks to government relief and stricter underwriting. But with the crisis dragging on and policymakers unable to agree on a stimulus plan, loans to highly indebted companies remain at risk.
Wells Fargo fired more than 100 employees suspected of improperly collecting coronavirus relief funds, according to a person with knowledge of the situation.
In a critical development in the global shift away from old benchmarks that was triggered by Libor's shortcomings, interest-rate swaps on more than $80 trillion in notional debt will transition this weekend to a new rate for determining their value.
The bank has fired more than 100 workers for allegedly making fraudulent applications for SBA disaster loans; credit is holding up well so far, but that could change without more stimulus, Quarles says.
The Minnesota-based institution is allowing children of some employees to attend school virtually in their branches in order to make it easier for parents to work during the pandemic.
