April 13, 2017 / 12:46 PM / 5 months ago

BUZZ-Wells Fargo & Co: Profit falls on weaker mortgage fees

** The Wall Street bank’s shares down 2.0 pct at $52.10 premarket

** Reported a fall in quarterly profit, hit by weaker mortgage banking fees and higher costs; Net income fell to $5.06 bln from $5.09 bln a year ago

** Mortgage banking revenue fell to $1.23 bln from $1.59 bln last year

** EPS $1.00 vs est. 96 cents/shr; Rev fell 0.9 pct to $22 bln

** Wells Fargo has been beset since September by a scandal over its creation of unauthorized customer accounts

** Warren Buffet’s Berkshire said “investment or valuation considerations” were not factors in its sale of 7.13 mln Wells Fargo shares this week, and planned sale of another 1.87 mln shares “in the near future.”

** JPMorgan Chase & Co and Citigroup reported better-than-expected profit on Thursday

** Up to Wednesday’s close, stock had risen 16.6 pct since President Donald Trump’s won the election on Nov 8

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