(Boursier.com) — Wells Fargo stumbles 4% on Wall Street, before trading on Friday, while the American bank reported profits halved and revenues below market expectations. ‘Wells’ has racked up more than $3 billion in costs from a fake account scandal and increased its loan loss reserves in the event of an economic downturn. Provision for credit losses was $957 million, compared with a reversal of $452 million a year earlier. The fourth-largest US lender reported earnings of 67 cents per share for the quarter to the end of December, compared with $1.38 per share a year earlier. Group CEO Charlie Scharf is working to fix the bank’s problems after it spent billions on lawsuits and regulatory fines. Net interest income rose 45% to 13.4 billion. Wells Fargo’s total revenue fell to $19.7 billion from $20.9 billion a year earlier.
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