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Wells Fargo profit misses estimates on hefty expenses, decline in loans

Reuters 

(Reuters) - Wells Fargo & Co posted a quarterly profit that fell short of analyst estimates on Friday as expenses increased due to former missteps and lending activity dropped, sending its shares down 4 percent in early trade.Wells Fargo has booked several billions of dollars in fines and penalties stemming from regulatory probes and to settle lawsuits due to sales and mortgage abuses.The bank's growth is also being hampered by the Federal Reserve, which ordered it to keep assets below $1.95 trillion until governance and controls improve.The fourth-largest U.S. bank saw lower total loans in ...

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First Published: Fri, July 13 2018. 22:21 IST
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