Los Angeles Times

Wells Fargo reports big tax savings — and big costs for investigations, lawsuits

The GOP tax overhaul saved Wells Fargo & Co. more than $3 billion in the fourth quarter, but the bank also set aside more than $3 billion to cover costs related to ongoing problems with its consumer businesses, the company reported Friday.

In its earnings release for the fourth quarter and full year, the San Francisco financial giant reported that the tax changes resulted in an immediate savings of $3.35 billion, thanks to a reduction in the company's expected expenses for future taxes.

That's a result of lowering the corporate tax rate to 21 percent from

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