Wells CEO: Things are bad in CRE lending

By: Mark Calvey | Phoenix Business Journal

Wells Fargo is preparing for darker days ahead as it works with commercial real estate borrowers trying to refinance loans amid higher interest rates and plunging property values.

“There’s no question that our credit results are still significantly better than we would expect through the cycle, so we’d expect them to deteriorate from here,” CEO Charlie Scharf said Wednesday at the annual Bernstein Strategic Decisions conference.

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June 2, 2023

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Wells CEO: Things are bad in CRE lending

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