Wells Fargo shares drooped on Friday following the release of a mixed quarterly performance. The bank has a reported revenue of $22.05bn, below forecasts of $22.64bn.
Following investigations into the improper mortgage and sales practices from September 2016, the bank has admitted paying a $3.25bn legal bill. The San-Francisco based lender has also committed to reducing running costs by $4bn. by 2019. They have also highlighted a 17% increase in profits compared to the same time last year.
Share earnings, which had been predicted at $1.54, came in at $1.16 with total profits at $6.15m. Share prices at midday were $62.88, 0.2% less than they were at the opening of New York.
Wells Fargo has partly attributed the profit to the corporate tax overhaul passed by the U.S Congress in December. Unlike JPMorgan, which has reportedly written down a $2bn loss to tax assets, Wells Fargo will be able to profit from the $7bn it has in tax liabilities.
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