(Bloomberg) — Wells Fargo & Co. profit slumped 56% as Chief Executive Officer Charlie Scharf took charges to address old scandals and begin his job-cutting push.The bank posted a surprise increase in third-quarter expenses as it set aside almost $1 billion for customer remediation and $718 million in restructuring charges. That countered loan-loss provisions that came in at less than half what analysts had expected.In his first year atop Wells Fargo, Scharf has been working to move the firm past a series of scandals. He’s charged with making harmed customers whole, repairing relations in Washington and improving earnings. He’s repeatedly …read more
Source:: Yahoo Finance
