Wells Fargo Signals Upcoming Profit Difficulties
Wochit Headline News - Friday, 13 October 2017 (3 days ago)
on Friday, Wells Fargo management signaled that the bank may struggle to hit expense targets through next year. The bank said its third-quarter profit fell 19 percent, due mostly to a $1 billion mortgage litigation accrual. management also revised its outlook on a key expense-related metric. Wells fargo expects to spend 61 cents for every dollar of revenue it generates this year. This is up from a range of 60 to 61 cents.
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