(Reuters) – 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 […]
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Wells Fargo may lose $2 billion to $3 billion on its CRE office loan portfolio, CEO says
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(Reuters) – 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.
(This story has been refiled to add the dropped word ‘to,’ in the headline)
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Alan Barona)