Wells Fargo Misses Profit Estimate on Higher Reserves, Scandal Costs

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Wells Fargo Misses Profit Estimate on Higher Reserves, Scandal Costs

Wells Fargo & Co. on Friday reported a 50 percent decline in profit for the fourth quarter, missing analysts’ estimates, as the bank racked up more than $3 billion in costs related to a fake accounts scandal and boosted loan loss reserves for a potential economic slowdown.
The bank’s shares were down nearly 4 percent in premarket trade.
The fourth-largest U.S. lender reported a profit of 67 cents per share for the quarter ended Dec. 31, compared with $1.38 per share a year earlier. On an adjusted basis, the bank earned 61 cents per share, compared with analysts’ estimates of 66 cents per share, according to Refinitiv IBES data....

Source: Wells Fargo Misses Profit Estimate on Higher Reserves, Scandal Costs

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