Wells Fargo & Co’s ( WFC.N ) quarterly profit fell 7 percent as the No.3 U.S. bank by assets set aside more than $1 billion to cover bad loans, saying its energy portfolio remained under “significant stress.” Shares of Wells Fargo, which has said that nearly 2 percent of its loans are to the energy industry, fell 1.5 percent in premarket trading on Thursday. Income from all three businesses declined, with its largest business – community banking – reporting a 7 percent fall in the first quarter ended March 31. “The increases in losses and nonperforming loans in the first quarter were primarily due to continued challenges” in the oil and gas portfolio, Chief Risk Officer Mike Loughlin said in a statement. Oil prices have dropped by two-thirds since 2014, gutting the global energy […]