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Wells Fargo quarterly profit slumps as legal costs mount

A Wells Fargo logo is seen at the SIBOS banking and financial conference in Toronto
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(Reuters) - Wells Fargo & Co reported a 55% slump in fourth-quarter profit on Tuesday, as the fallout from a sales scandal that erupted in 2016 drove the bank to set aside another $1.5 billion (£1 billion) toward legal expenses.Shares of the bank fell about 3% to $50.50 in premarket trading.The lender is operating under heavy regulatory scrutiny, including an unprecedented cap on its balance..
Date Published: Jan 14, 2020
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