“…Wells Fargo’s fake-account scandal continues to haunt the big bank, exacerbating headaches caused by shrinking interest rates.
Wells Fargo revealed on Tuesday a 23% drop in third-quarter profit that disappointed investors. The decline was driven by a $1.6 billion charge for legal costs linked to the bank’s infamous retail sales tactics.
The legal hit underscores Wells Fargo’s struggles to move past a scandal that first came to light three years ago. It will fall to Charlie Scharf, Wells Fargo’s incoming CEO, to get the bank back on track…”