The two U.S. banks set aside a combined $10 billion for future loan losses, which may not even be enough; a proxy firm says the Swiss bank did not adequately punish former executives for spying scandal.

Its prediction that business conditions will remain weak this year — and into next year — stands in stark contrast to forecasts from political leaders that the economy will rebound quickly from the coronavirus pandemic.

The results preview a tough first year for new CEO Charlie Scharf as the coronavirus pandemic brings the U.S. economy to a standstill.

Just days after the Fed lifted Wells Fargo's asset cap so it could make more Paycheck Protection Program loans, it warned customers its queue is long and they may want to go elsewhere before program funds are exhausted.

The Federal Reserve is temporarily altering the growth restriction it placed on Wells Fargo in 2018 so that the bank can make additional loans to small and midsize business that need funding to weather the coronavirus pandemic.

Parties talking about a temporary lift of Wells' asset cap; GDP would have to drop an “unlikely” 35% in Q2 before JPMorgan would be forced to stop payouts.

Wells Fargo said it can't fully meet demand from small businesses rushing to participate in a U.S. relief program because of constraints imposed by the Federal Reserve on the bank's growth.

Banks will tell the Fed they would remain strong after payouts; customers would need $250,000 in liquid assets on deposit at the bank to qualify to refinance.

Banks, under pressure to act hastily, began taking applications for government aid to small businesses hit hard by the coronavirus outbreak. But narrow eligibility rules at some banks angered business owners and lawmakers.

Emergency loan program plagued by chaos on eve of launch; why Moven, one of the first challenger banks, is calling it quits; Fed faces conundrum on whether to remove Wells Fargo's asset cap; and more from this week's most-read stories.