World News

Wells Fargo rolls out waivers, aid in response to coronavirus outbreak

(Reuters) – Wells Fargo & Co <WFC.N> said on Friday it is suspending residential property foreclosure sales, evictions and involuntary automobile repossessions due to the coronavirus outbreak.

The bank also said it is temporarily closing some branches, adjusting operating hours of other branches and relocating employees, while also increasing its charitable donations to $175 million.

The company is offering fee waivers, payment deferrals and other expanded assistance for credit card, auto, mortgage, small business and personal lending customers who contact the bank, it said in a statement.

Chief Executive Officer Charlie Scharf told Congress last week that roughly 62,000 of the bank’s employees were already working remotely.

(Reporting by Juby Babu in Bengaluru; Editing by Arun Koyyur)