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Wells Fargo adds $3.25 billion to consumer legal bill in Q4

Reuters 

(Reuters) - Wells Fargo & Co set aside $3.25 billion in the fourth quarter to cover legal expenses related to probes into its mortgage and sales practices, but its 2018 cost outlook met analyst expectations as the bank tries to rebound from the scandal in its consumer banking business.The bank, which has been under intense scrutiny because of its actions, set a 2018 expense target of up to $54.5 billion, indicating that efforts to control costs are gaining traction.Shares of the bank on Friday rose 0.5 percent at $63.35 in early trading.Analysts and investors have kept close tabs on the San ...

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First Published: Fri, January 12 2018. 20:46 IST
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