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Wells Fargo’s earnings take one more massive litigation hit

Wells Fargo & Co. had one other shock for traders within the type of its largest authorized cost but, displaying the San Francisco lender isn’t previous its consumer-banking scandals.

The $three.25 billion fourth-quarter hit to earnings comes after the financial institution took a $1 billion cost within the third quarter towards a possible settlement with regulators over precrisis mortgage gross sales. All of the litigation prices drove the agency’s expense ratio for 2017 to the best stage in additional than 20 years.

This newest cost stems from “quite a lot of issues, together with mortgage-related regulatory investigations, gross sales practices, and different consumer-related issues,” the lender stated Friday.

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