Wells Fargo posts big profits jump

WELLS Fargo saw fourthquarter earnings rose 17 per cent compared to last year as the bank benefited from US President Donald Trump’s recent tax reforms.

The group saw earnings come in at $6.15 billion in the quarter, which included a $3.35bn benefit linked to the Trump tax reduction bill, which is set to see big corporates benefit.

However, San Franciscoheadquartered Wells Fargo also booked $3.3bn in charges linked to pending litigation, which includes the continuing investigation into the bank’s sales practices and an investigation into its mortgage business.