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Wells Fargo revises expense outlook, signalling profit difficulties ahead

Reuters 

By Dan Freed and Sweta Singh(Reuters) - Wells Fargo & Co management signalled on Friday that the bank may struggle to hit expense targets through next year, raising questions about how much a sales scandal is weighing on the bottom line.The third-largest U.S. bank by assets said its third-quarter profit fell 19 percent, due mostly to a $1 billion mortgage litigation accrual.But management also revised its outlook on a key expense-related metric, saying the bank expects to spend 61 cents for every dollar of revenue it generates this year, up from a range of 60 to 61 cents. Chief Financial ...

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First Published: Sat, October 14 2017. 00:47 IST
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