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Wells Fargo Hit by Surprise Charge From Pre-Crisis Mortgages

  • Bank takes $1 billion charge for pre-crisis mortgage probe
  • Surprise charge adds to headaches from fake accounts episode
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Cassidy: Wells Fargo Lags Banks on Revenue Growth

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Nearly a decade after the financial crisis, Wells Fargo & Co. is getting stung by bad behavior in the housing bubble.

The company took a surprise $1 billion charge in the quarter for previously disclosed regulatory investigations into its pre-crisis mortgage activity, the third-largest U.S. lender said Friday in a statement. The expense pushed total costs to a record $14.4 billion.