{"id":193780,"date":"2022-10-14T11:06:41","date_gmt":"2022-10-14T16:22:29","guid":{"rendered":"https:\/\/omni48.com\/?p=193780"},"modified":"2022-10-14T16:37:15","modified_gmt":"2022-10-14T16:37:15","slug":"wells-fargo-profit-falls-on-sales-scandal-costs-higher-reserves","status":"publish","type":"post","link":"https:\/\/omni48.com\/news\/wells-fargo-profit-falls-on-sales-scandal-costs-higher-reserves","title":{"rendered":"Wells Fargo profit falls on sales scandal costs, higher reserves"},"content":{"rendered":"<p>Oct 14 (Reuters) &#8211; Wells Fargo &amp; Co (WFC.N) on Friday reported a 31% decline in third-quarter profit as the bank racked up costs related to a fake accounts scandal and boosted its loan loss reserves in preparation for a potential slowdown. The bank posted $2 billion in operating losses related to litigation, customer remediation, and regulatory matters associated with the now six-year-old scandal over its sales practices. &#8220;Our top priority remains strengthening our risk and control infrastructure which includes addressing open historical issues and issues that are identified as we advance this work,&#8221; Chief Executive Officer Charlie Scharf said in a statement. &#8220;We remain at risk of setbacks as we work to complete the work and put these issues behind us and expenses this quarter reflect our ongoing efforts.&#8221;. Meanwhile, the bank set aside $784 million in the quarter for credit losses, compared with a $1.4 billion release a year earlier, when extraordinary government stimulus helped the economy to<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oct 14 (Reuters) &#8211; Wells Fargo &amp; Co (WFC.N) on Friday reported a 31% decline in third-quarter profit as the bank racked up costs related to a fake accounts scandal<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[22,36,1],"tags":[33,27,29,316,31],"class_list":["post-193780","post","type-post","status-publish","format-standard","hentry","category-economy","category-markets","category-news","tag-business","tag-economy","tag-markets","tag-mortgages","tag-personal-finance"],"acf":[],"_links":{"self":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts\/193780","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/comments?post=193780"}],"version-history":[{"count":0,"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts\/193780\/revisions"}],"wp:attachment":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/media?parent=193780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/categories?post=193780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/tags?post=193780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}