Wells Fargo CEO says there will be losses in office loan portfolio

Wells Fargo CEO, Charlie Scharf, announced that the bank is proactively managing its commercial real estate loan portfolio, but warns that the bank will see losses in the office loan space. The bank’s focus on liquidity was also highlighted, following a sustained period of turbulence in March from the failure of three regional banks. While consumer spending and credit quality remain strong, Scharf stated credit had been tightened in its card business in areas where early signs of weakness started to show.