Wells Fargo 3rd Quarter Profits Take Hit


NEW YORK — If you bank at Wells Fargo, you may want to start shopping around for somewhere else to keep your cash.

The banking giant says its third-quarter profits fell by 18 percent, all because it set a $1 billion aside for legal expenses.

Those include federal and state investigations over bank sales prior to 2008.

The bank is also still dealing with fake account scandals.

It’s planning on cutting $4 billion worth of expenses by the end of 2019 to offset these costs, which will close more than 400 bank branches.

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