Wells Fargo still feel­ing scan­dals’ im­pact

The Norwalk Hour - - BUSINESS -

Wells Fargo & Co., which has been mired in in­ves­ti­ga­tions re­lated to its busi­ness prac­tices, said Fri­day its sec­ond-quar­ter earn­ings fell to $5.19 bil­lion from $5.86 bil­lion a year ago. The bank also re­vised its first-quar­ter earn­ings down­ward af­ter agree­ing in April to pay $1 bil­lion in fines to fed­eral reg­u­la­tors. The bank has faced mul­ti­ple in­ves­ti­ga­tions in re­cent years over prac­tices in­clud­ing the open­ing of ac­counts with­out cus­tomers’ con­sent, charg­ing clients for un­nec­es­sary in­sur­ance poli­cies, and im­pos­ing un­fair fees tied to mort­gage rates.

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