The beginning of the year did not bring any good news for the giant banking firm, Wells Fargo, as it saw a drop of 50 percent in its fourth-quarter. The quarterly profit at the bank was $2.87 billion than the last year when the profit was measured at $6.06 billion, a decline of more than 50%.
According to Chief Financial Officer John Shrewsberry, low-interest rates were the reason for the footfall in the bank's net interest income, which acts as the main engine of bank profits. The litigation charges weighed on the company's results. The bank also took a financial loss in part related to the retail sales scandal that has plagued Wells Fargo since 2016.