Wells Fargo hit by legal charges, mortgage banking slump

From Reuters - October 13, 2017

(Reuters) - Wells Fargo & Co (WFC.N) reported an 18.6 percent decline in quarterly profit on Friday, hurt by previously disclosed legal costs and a slump in mortgage banking income.

Net income fell to $4.60 billion, or 84 cents per share for the quarter ended Sept. 30, from $5.64 billion, or $1.03 per share, in the same quarter of 2016.

The results included $1 billion in previously disclosed legal costs, but it was not clear whether that figure factored into Wall Street estimates.


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