Wells Fargo’s latest earnings took a $2 billion hit for costs related to its past scandals, dragging its profit down to $3.5 billion in the third quarter, 30 percent lower than the same period last year. But the bank’s revenue edged past analysts’ expectations, rising 4 percent from a year ago, to $19.5 billion. “Both consumer and business customers remain in a strong financial condition, and we continue to see historically low delinquencies and high payment rates across our portfolios,” Charles Scharf, the bank’s chief executive, said in a statement. Wells Fargo’s growth has been limited since 2018 by an asset cap restriction imposed by the Federal Reserve as punishment for the bank’s sham accounts scandal and other misdeeds. Mr. Sharf said the bank was continuing to strengthen its internal controls but that “we remain at risk of setbacks.”

Source: CNN October 15, 2022 01:43 UTC