FILE PHOTO: FILE PHOTO: Warning signs for coronavirus disease (COVID-19) are seen on a Wells Fargo bank door in New YorkMore
By Imani Moise and David French
(Reuters) – Wells Fargo & Co has revived its special group for bad energy loans in recent weeks as the bank braces for more pain from the sharp downturn in oil prices, people familiar with the matter told Reuters.
Sitting inside the credit-resolution group, where Wells Fargo handles struggling borrowers, the team includes many bankers who previously worked with the same oil and gas producers in its investment bank.
They work alongside bankruptcy specialists who have been reassigned to focus exclusively on energy to help Wells Fargo wade through the expected flood of restructurings.
“It’s a bloodbath,” said one person with