Wells Fargo posts earnings miss driven by $1.6 billion expense linked to scandals (WFC)

Wells Fargo missed third-quarter earnings estimates after posting a continued drop in net interest income.
The bank cited the "lower interest rate environment" for the figure's decline. Wells Fargo stock fell as much as 1.2% following the report's release.
Wells Fargo also announced a $1.6 billion expense related to its sales malpractice litigation. The bank remains steeped in controversy following its 2016 fake account scandal.
The firm recently ended its months-long search for a new CEO in Sep