(Reuters) – Wells Fargo & Co reported a 50% plunge in fourth-quarter profit on Friday as the bank racked up more than three billion dollars (2.78 billion euros) in costs related to the 2016 scandal on his illegal sales techniques.
It also increased its provisions for bad debts to $957 million, from $452 million in the same period a year earlier, to deal with the slowing economy.
In New York, the Wells Fargo title fell 2.8% in pre-market trading.
The American bank still has to deal with the consequences of the scandal on its business practices which led to significant fines.
In the fourth quarter, its profit fell to $2.9 billion, or $0.67 per share, from $5.6 billion ($1.38 per share) a year earlier.
(Report by Noor Zainab Hussain in Bengaluru and Hannah Lang in Washington, French version Dina Kartit, editing by Blandine Hénault)
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