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Wells Fargo shares fall as bank’s profits cut in half by higher reserves, settlement costs

January 13, 2023


Wells Fargo shares came under pressure Friday after the bank reported shrinking profits, weighed down by a recent settlement and the need to build up reserves amid a deteriorating economy.

The stock fell more than 2% in Friday’s trading.

Here’s how the bank did:

  • Earnings: 67 cents a share, compared with $1.38 a share a year ago
  • Revenue: $19.66 billion, 5.7% lower than a year earlier and lower than the $19.98 billion expected, according to Refinitiv

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