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Wells Fargo’s first quarter profits suffered as the bank set aside billions to gird for the effect the ongoing economic shutdown will have on the world economy.The bank posted 1 cent of earnings per share for the first quarter, down from $1.20 per share during the same quarter last year. The bank is preparing for defaults from businesses and consumers affected by the novel coronavirus pandemic.“We have entered into a world we have never seen before,” CEO Charlie Scharf said on an earnings call. “There are many unknowns.”The San Francisco-based bank was one of the first banks to post earnings s…
