Staff of Reuters Read for 2 minutes (Adds more results, background) 14 JULY (Reuters) – Wells Fargo & Co swung to a profit in the second quarter, the bank said on Wednesday, as it released funds set aside to cover troubled loans and charges linked to its long-running sales tactics scandal steadied. Since 2016, when revelations of a sales scandal surfaced, Wells Fargo has been operating under regulatory sanctions, which have resulted in the retirement of two top executives and billions of dollars in litigation and remediation expenditures. The Federal Reserve issued an order in 2018 prohibiting the bank from having assets above $1.95 trillion. Wells Fargo, on the other hand, began to cut costs this year, indicating that it may finally be on the mend after a nearly five-year ordeal. The fourth-largest bank in the United States made a profit of $6 billion, or $1.38 per share, compared to a net loss of $3.85 billion, or $1.01 per share, a year ago. According to Refinitiv estimates, analysts predicted a profit of 95 cents per share on average. Total revenue increased by 11% to $20.27 billion. (Bengaluru-based Noor Zainab Hussain and New York-based Matt Scuffham contributed reporting; Anil D’Silva edited the piece.) )/n
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