Wells Fargo Profit Falls 50% On Higher Reserves, Costs

(Reuters) -Wells Fargo & Co on Friday reported a 50% decline in profit for the fourth quarter as the bank racked up more than $3 billion in costs related to a fake accounts scandal and boosted loan loss reserves for a potential economic slowdown. Provision for credit losses was $957 million in the quarter, compared with a $452 million release a year earlier.