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Wells Fargo profit rises, cost cuts paying off

St. Louis Post-Dispatch
Wells Fargo profit rises, cost cuts paying off

Wells Fargo & Co. posted a 32 percent jump in quarterly profit on Friday, as the bank gave out more personal and automobile loans, and made headway in its cost-cutting plan. Wells has been striving to rebuild its reputation with customers over the last two years after a series of scandals, fines and regulatory probes, especially in its consumer banking business, dented its brand and reputation. Non-interest expenses in the third quarter fell 4.1 percent to $13.8 billion. Chief Financial Officer John Shrewsberry has vowed to reduce about $3 billion in expenses by 2020.