Wells Fargo Misses Profit Estimate on Higher Reserves, Scandal Costs

Wells Fargo Misses Profit Estimate on Higher Reserves, Scandal Costs
Wells Fargo Bank branch is seen in New York City on March 17, 2020. Jeenah Moon/Reuters
Reuters
Updated:
0:00

Wells Fargo & Co. on Friday reported a 50 percent decline in profit for the fourth quarter, missing analysts’ estimates, as the bank racked up more than $3 billion in costs related to a fake accounts scandal and boosted loan loss reserves for a potential economic slowdown.

The bank’s shares were down nearly 4 percent in premarket trade.