Wells Fargo takes another big hit from scandals in Q4 earnings

CHARLOTTE, N.C. — Once again, expenses related to scandals at Wells Fargo & Co. have put a big dent in the bottom line for the banking giant.

“Wells Fargo is a wonderful and important franchise that has made some serious mistakes, and my mandate is to make the fundamental changes necessary to regain the full trust and respect of all stakeholders,” said Charles Scharf, who took over as CEO in October, in a news release on the bank’s earnings report Tuesday morning.

Former Wells Fargo employee swindled elderly man out of $800K Former Wells Fargo employee swindled elderly man out of $800K

Scharf is the third person to hold that role since late 2016, when controversy erupted over the bank’s improper sales tactics.

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