Wells Fargo quarterly profit slumps as legal costs mount

(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 sheet by the Federal Reserve, as it tries to rebuild its reputation since it was revealed that the bank..