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Wells Fargo hit by legal charges, mortgage banking slump
October 13, 2017 / 12:20 PM / 2 months ago

Wells Fargo hit by legal charges, mortgage banking slump

Oct 13 (Reuters) - Wells Fargo & Co 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.

Revenue fell to $21.9 billion from $22.3 billion a year earlier. Mortgage banking income plunged 37.3 percent.

Analysts had forecast net income of $5.16 billion on revenue of $22.4 billion, according to Thomson Reuters data from earlier this week. (Reporting by Sweta Singh in Bengaluru and Dan Freed in New York; Editing by Bernard Orr)

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