Wells Fargo hit by legal charges, mortgage banking slump By Reuters

© Reuters. FILE PHOTO: Wells Fargo branch is seen in the Chicago suburb of Evanston Illinois

(Reuters) – Wells Fargo & Co (N:) reported an 18.6 percent decline in quarterly profit on Friday, hurt by previously disclosed legal costs and a slump in mortgage banking income.

Net income fell to $4.60 billion, or 84 cents per share for the quarter ended Sept. 30, from $5.64 billion, or $1.03 per share, in the same quarter of 2016.

The results included $1 billion in previously disclosed legal costs, but it was not clear whether that figure factored into Wall Street estimates.

Revenue fell to $21.9 billion from $22.3 billion a year earlier. Mortgage banking income plunged 37.3 percent.

Analysts had forecast net income of $5.16 billion on revenue of $22.4 billion, according to Thomson Reuters data from earlier this week.

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