Why Did Wells Fargo's Revenue Fall in Q3?
When Wells Fargo (NYSE: WFC) reported earnings on Friday, it served as a reminder of how deeply the bank's performance has been ravaged by last year's revelations that thousands of its employees spent years opening millions of accounts for customers without customers' approval to do so.
You didn't even need to look past Wells Fargo's top line to see the impact. Revenue at the bank fell in the three months ended Sept. 30 by approximately $400 million compared with the year-ago period, coming in at $21.9 billion.
The biggest decline was in Wells Fargo's biggest unit, its community banking segment. This is also the unit that was responsible for the sales scandal, as it contains the bank's branch operations. Revenue in the unit dropped by 2.6%, or $327 million.
Source: Fool.com
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