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Wells Fargo posts fourth straight revenue miss on mortgage issues


By Sweta Singh and Dan Freed(Reuters) - Wells Fargo & Co reported an 19 percent profit decline on Friday and weaker revenue than Wall Street had expected for the fourth consecutive quarter due to mortgage issues, sending its shares down 3.5 percent.The third-largest U.S. lender, which has been embroiled in a prolonged scandal over its sales practices, said the dip in earnings came largely from a $1 billion accrual for a legal settlement over issues stemming from before the 2007-2009 financial crisis.But revenue at the bank also suffered from a decline in mortgage banking revenue. Wells has ...

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First Published: Fri, October 13 2017. 19:52 IST