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Wells Fargo Raises Possible Losses From Legal Issues

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05/03/2019 | 03:53pm EDT

By Patrick Thomas

Wells Fargo & Co. (WFC) raised the amount of money it could lose from possible legal action, according to its quarterly securities filing.

The bank raised the high end of the range of losses to about $3.1 billion, as of March 31. The previous estimate was about $2.7 billion through the end of December and $2.2 billion through the end of September, according to filings with the U.S. Securities and Exchange Commission. The bank said in the Friday filing the increase is due to a variety of matters.

Wells has faced pressure from lawmakers and regulators since the 2016 sales practices scandal turned into an entanglement of regulatory problems. The bank paid out more than $4 billion in settlements and fines between September 2016 and December 2018.

Write to Patrick Thomas at patrick.thomas@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
WELLS FARGO & COMPANY 0.73% 49.97 Delayed Quote.8.44%
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