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Wells Fargo $1 billion accrual due to talks with U.S. Justice Department
October 13, 2017 / 5:44 PM / 2 months ago

Wells Fargo $1 billion accrual due to talks with U.S. Justice Department

(Reuters) - Wells Fargo & Co (WFC.N) took a $1 billion mortgage litigation accrual in the third quarter because it is in talks with the U.S. Department of Justice, Chief Financial Officer John Shrewsberry told Reuters on Friday.

FILE PHOTO: A Wells Fargo bank sign is pictured in downtown Los Angeles, California, U.S. August 10, 2017. REUTERS/Mike Blake/File Photo

The talks are with a task force that has reached settlements with several other large banks, he said.

“They’re working down toward the end of that list and now we’re sort of in discussions with them,” he said. “The billion dollars is in connection with that activity.”

Reporting by Dan Freed in New York; Editing by Cynthia Osterman

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