Wells Fargo & Co. reported its fourth straight fall in quarterly profit as it set aside funds for potential legal costs amid a scandal that cost chief executive and chairman John Stumpf his job.
However, both earnings and revenue beat market expectations. Wells Fargo said its revenue rose 2 percent to $22.33 billion in the third quarter ended Sept. 30, while non-interest income fell 0.4 percent to $10.37 billion. Net income applicable to shareholders fell 3.7 percent to $5.24 billion, or $1.03 per share, from $5.44 billion, or $1.05 per share, a year earlier.
Analysts on average had expected the No. 3 U.S. bank by assets to report earnings of $1.01 per share and revenue of $22.21 billion.