(Reuters) – Wells Fargo & Co (WFC.N) reported lower profits on Tuesday as the bank braced for additional legal expenses tied to a scandal that erupted more than three years ago. FILE PHOTO: A Wells Fargo ATM machine is shown in Los Angeles, California, U.S. October 19, 2018. REUTERS/Mike Blake/File Photo The fourth-largest U.S. bank by assets set aside $1.6 billion for legal expenses related to previously disclosed sales practices. It has been operating under heavy scrutiny since 2016 revelations that employees opened potentially millions of unauthorized accounts. The fallout has led to multiple internal and regulatory probes and resulted in billions of dollars in fines over the past three years. Executives declined to specify the litigation the expected charge is related to. The largest lingering legal issues include investigations by the Securities and Exchange Commision and the Department of Justice, according to filings. “We’ll all be happier when it moves through and is behind us,” Chief Financial Officer John Shrewsberry said on a conference call with journalists. Expenses also have risen since 2016 as the company has reimbursed customers who were overcharged for its services, and as the bank upgraded its technology to meet regulatory requirements in the wake… Read full this story
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