Wells Fargo quarterly profit slumps as legal costs mount
FILE PHOTO: A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith
Net income applicable to common stock fell to $2.55 billion, or 60 cents per share, in the fourth-quarter ended Dec. 31, from $5.71 billion, or $1.21 per share, a year earlier. The San Francisco-based lender last year appointed Charles Scharf, a one-time Jamie Dimon protégé as its new chief executive officer, to help it rebuild its reputation with customers, investors and regulators.
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