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Wells Fargo: net profit slides on litigation costs

( - Wells Fargo said on Tuesday that its fourth-quarter profit fell 53% because of litigation costs relating to a variety of matters, including the US lender's retail sales practices.

The San Francisco-based bank said net income fell to 2.8 billion dollars, or 61 cents per share, in the quarter ended 31 December, less than half the 6 billion dollars, or 1.22 dollar per share, a year earlier.

The figure included the impact of 1.5 billion dollars, or 33 cents per share, of litigation accruals, the group said in a statement.

As a reminder, Wells Fargo has been accused of pushing employees to engage in aggressive sales tactics to meet their targets, sometimes by creating fraudulent accounts on behalf of clients without their knowledge.

Revenue reached 19.9 billion dollars, down from 21 billion dollars in the fourth quarter of 2018.

Analysts, on average, were looking for revenue of 21 billion dollars.

Its shares have fallen by up to 4% in pre-market trading on Tuesday.

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