Wells Fargo records rare profit beat helped by stabilising credit costs


Wells Fargo & Co posted a small rise in quarterly profit on Friday that beat Wall Street estimates, as stabilizing credit costs helped offset the hit from low-interest rates meant to prop up the ailing economy during the COVID-19 pandemic. The bank, which has been plagued by hefty costs tied to litigation over the past several years, recorded a drop in overall expenses in the latest fourth quarter from last year.

But costs remain elevated because of the sales practices scandal that has haunted it since 2016. Wells Fargo paid $321.

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