Wells Fargo on Friday reported a bigger-than-expected drop in quarterly profit, as lending activity slowed and it recorded higher expenses.
Net income applicable to common stock fell to $4.79 billion, or 98 cents per share, in the quarter ended June 30, from $5.45 billion.
The bank said its total revenue fell 3.1 percent to $21.55 billion, with community banking - the area most closely tied to the 2016 sales practices scandal - posting a 1.25 percent dip in revenue.
Average loans fell 1.3 percent to $944.1 billion.
Source: Finance.Yahoo
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