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Wells Fargo shares drop in premarket as quarterly results disappoint

Wells Fargo revenues and profits were down during the quarter.
trader in despair
,Wells Fargo shares were down US$1.49 or 2.70%

Wells Fargo & Co (NYSE:WFC) shares were down 2.6% in premarket deals after third quarter financials disappointed.

Profit and revenue were both dented by legal issues, amid a pending legal settlement and scrutiny over sales practices.

It reported a US$4.57bn profit, which amounted to 84 cents per share, including a US$1bn charge due to regulatory investigations, which was less than the market anticipated.

Revenue was lower compared to the same quarter of the previous year, at US$21.93bn from US$22.33bn.

“Over the past year we have made fundamental changes to transform Wells Fargo as part of our effort to rebuild trust and build a better bank,” said Tim Sloan, Wells Fargo chief executive.

“While our financial performance in the third quarter included the impact of a litigation accrual for previously disclosed, pre-crisis mortgage-related regulatory investigations, I am proud of the commitment of our 268,000 team members who put our customers first.”

In New York, Wells Fargo shares were down US$1.49 or 2.70% changing hands at US$53.70.

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