Thndr Claps » U.S. Claps » Financial Services 💸 » Fake accounts hurt Wells Fargo 🤕
The ClapWells Fargo’s (NYSE: WFC) profits declined by 31% in Q3 due to fake accounts costs.
The DeetsThe bank recorded profits of $3.53 billion for Q3 2022, a decrease YoY from $5.12 billion.
The fake accounts scandal, which took place six years old, has cost the company $2 billion in operating losses, with more expenses expected to be incurred in the coming quarters.
In addition, the bank has increased its loan loss reserve by $784 million, in preparation for an economic slowdown.
Why this MattersWells Fargo’s stock is down 12% this year, although it rose around 1.8% during Friday’s session.
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