NEW YORK, Oct 15 — Wells Fargo & Co reported a 26 per cent fall in quarterly profit today , as the lender braced for additional legal expenses tied to a sales practices scandal that erupted more than three years ago.
Net income applicable to common stock fell to US$4.04 billion (RM16.9 billion), or 92 cents per share, in the third quarter ended September 30, from US$5.45 billion, or US$1.13 per share, a year earlier.
Analysts had expected a profit of US$1.15 per share, according to IBES data from Refinitiv, but it was not immediately clear if the numbers were comparable.
The San Francisco-based lender last month appointed Charles Scharf, a one-time Jamie Dimon protege known on Wall Street as a detail-oriented number cruncher who excels in streamlining operations, as its new top boss. — Reuters
