Scandal-hit Wells Fargo's quarterly profit falls 3.7 percent
Wells Fargo & Co reported its fourth straight fall in quarterly profit as it set aside funds for potential legal costs amid an increasingly politicized bogus-account scandal that cost Chief Executive and Chairman John Stumpf his job.
The bank, which faces numerous federal and state investigations into its practices, said non interest expenses rose due in part to higher litigation accruals and salaries.
However, both earnings and revenue beat market expectations.
Stumpf, under pressure from lawmakers and other critics, stepped down on Wednesday after 34 years with the bank, handing over... read more
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