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Wells Fargo CEO Scharf Starts Tenure With More Legal Costs (2)

Jan. 14, 2020, 5:07 PM

Wells Fargo & Co. may have a new leader, but the work of reinvigorating the firm after years of troubles is far from over.

In Charlie Scharf’s first quarter at the helm, Wells Fargo reported $1.5 billion in expenses for litigation as the lender works through its problems, the second straight quarter where earnings were hit by major legal costs. That drove a 53% drop in net income from a year earlier, missing analysts’ estimates.

“Please recognize that it is still early days -- I don’t have all the answers yet, but I will share more as I learn ...