Wells Fargo 3Q delivers an unwelcome surprise for investors

Wells Fargo’s third-quarter profits took a beating this quarter, falling 18 percent, after the bank had to set aside about $1 billion for legal expenses related to its mortgage practices before the financial crisis.

The legacy from last decade’s housing bubble bit Wells at a time when the San Francisco-based bank is trying to move beyond its phony account scandal from last year and another more recent scandal tied to its auto lending business.

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