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Wells Fargo's loan book shrinks, profit misses estimates


By Imani Moise(Reuters) - Wells Fargo & Co said on Friday its loan book shrank and it raked in less fee revenue than a year ago, factors that contributed to lower-than-expected quarterly profit and sent its shares lower. The bank said much of the lending decline had to do with moves to avoid riskier loans, but the second-quarter results ignited fears about lingering reputational damage from Wells Fargo's phony accounts scandal and other customer abuses.The total average loan balance for the bank shrank 1 percent in the quarter from a year earlier as its consumer loan book fell by 2 percent ...

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First Published: Fri, July 13 2018. 23:54 IST