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Wells Fargo to sell $500M of 'pick-a-pay' loans in Q3

Wells Fargo & Co. expects to close on the sale of about $500 million of "pick-a-pay" purchased credit-impaired loans in the third quarter.

During the second quarter, the company sold $1.9 billion of pick-a-pay purchased credit-impaired, or PCI, loans that resulted in a gain of $721 million. The total carrying value of pick-a-pay PCI loans was $1.1 billion at June 30, compared to $4.9 billion at Dec. 31, 2018, according to Wells Fargo's recent quarterly filing.

Additionally, the company disclosed that the high end of its estimated range for possible litigation losses was about $3.9 billion as of June 30, up from $3.1 billion as of March 31. The increase was due to a variety of factors, including retail sales practices matters.

On its efforts to rebuild trust, Wells Fargo disclosed that it expects to refund certain monthly service fees that were charged in the past on certain consumer deposit accounts prior to an initial deposit being made by the customer. Wells Fargo noted in the filing that under its current processes, which have been in place for several years, the company would no longer assess a monthly service fee on such accounts prior to an initial deposit by the customer.