Wells Fargo quarterly profit slumps 55%

(Reuters) - Wells Fargo & Co reported a 55% fall in quarterly profit on Tuesday, as it struggled to grow in a lower interest rate environment and saw a surge in cost stemming from the regulatory fallout of a series of sales scandals.Net income applicable to common stock fell to $2.55 billion, or 60 cents per share, in the fourth-quarter ended Dec. 31, from $5.71 billion, or $1.21 per share, a year earlier. Analysts had expected a profit of $1.12 per share, according to Refinitiv data, but it..