Wells Fargo & Co. plummeted after reporting its first quarterly loss since 2008 as loan-loss provisions soared with the bank expecting a more severe downturn from the coronavirus pandemic.
Wells Fargo & Co. is launching a $400 million fund to donate the fees it got from the Paycheck Protection Program back to small businesses, particularly ones that are minority-owned.
The bank will focus on helping nonprofits and businesses with fewer than 50 employees.
