Wells Fargo’s profit slumps 56% as third-quarter expenses rise
Fed’s asset cap makes an already challenging environment even more difficult, says analyst
14 October 2020 - 17:35
New York — Wells Fargo’s profit slumped 56% as CEO Charlie Scharf took charges to address old scandals and begin his job-cutting push.
The bank on Wednesday posted a surprise increase in third-quarter expenses as it set aside almost $1bn for customer remediation and $718m in restructuring charges. That countered loan-loss provisions that came in at less than half what analysts had expected...
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