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Wells Fargo Still Has a Way to Go

Wells Fargo did some needed work in the second quarter. The bank’s turnaround still has a way to go.

Coming into earnings season, Wells had a relatively smaller allowance for loan losses than its peers by some measures. Before its second-quarter report, Wells’s allowances had represented about a quarter of losses projected by the Federal Reserve in its severe 2020 stress-test scenario, according to analysts at Wolfe Research. That compared with an average of more than a third across 16 large banks, Wolfe noted.

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