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Wells Fargo revises expense target, signaling profit difficulties ahead


By Dan Freed and Sweta Singh(Reuters) - Wells Fargo & Co management signaled 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.Wells, the third-largest U.S. bank by assets, said its third-quarter profit fell 19 percent, mostly because of a $1 billion provision for a mortgage settlement over accusations dating to before 2008.But management also revised a key expense target, saying the bank aims to spend 61 cents for every dollar of revenue it generates this year, up from a range of 60 ...

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First Published: Fri, October 13 2017. 22:15 IST