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Wells Fargo revises expense outlook, signaling profit difficulties ahead
The third-largest US bank by assets said its third-quarter profit fell 19 percent, due mostly to a $1 billion mortgage litigation accrual. Chief Financial Officer John Shrewsberry suggested Wells Fargo may also face issues hitting next year's cost-efficiency target. Related Coverage Wells Fargo $1 billion accrual due to talks with US Justice Department. Wells Fargo has been embroiled in a sales practices scandal for more than a year.
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