Wells Fargo swings to profit on reserve release boost, cost cuts

Wells Fargo & Co swung to a profit in the second quarter, the bank said on Wednesday, as it released funds set aside to cover soured loans, while costs tied to its years-old sales practices scandal stabilized. The fourth-largest U.S. lender reported a profit of $6 billion, or $1.38 per share, compared with a net loss of $3.85 billion, or $1.01 per share a year earlier.

Analysts on average had expected a profit of 95 cents per share, according to estimates from Refinitiv.