Wells Fargo Shares Fall Most in Six Months After Profit Miss

Wells Fargo & Co. missed analysts’ profit estimates as severance costs drove up expenses. Shares of the company fell by the most in six months.

The bank spent $612 million on severance as part of a plan designed to cut costs. Expenses were $13.7 billion, compared with the $13.6 billion predicted by analysts in a Bloomberg survey, according to a statement Wednesday.