Wells Fargo profit rises; cost cuts paying off
Wells Fargo & Co. posted a 32 percent jump in quarterly profit today, as the bank made headway in its cost-cutting plan and worked to put past misdeeds behind it, Reuters reported. Non-interest expenses in the third quarter fell 4.1 percent to $13.8 billion, in the first year-over-year decline this year. Wells Fargo, the fourth-largest U.S. lender by assets, has vowed to chop billions of costs over the next several years. But costs for repaying customers it had previously overcharged and marketing costs to re-brand the company after a string of scandals have kept expenses stubbornly high.