Wells Fargo has revived a special group for bad energy loans as it prepares for the downturn in oil prices, Reuters reported, citing people familiar.
- Team includes many bankers who previously worked with oil and gas producers in its investment bank and works alongside bankruptcy specialists who have been reassigned to focus on expected restructurings
- Wells Fargo spokeswoman Michelle Palomino told Reuters that the bank maintains a strong energy and power group within its corporate and investment bank and is committed to helping borrowers
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