In wake of scandals, Wells Fargo’s profit stagnates

Consumer banking giant Wells Fargo said its fourth-quarter profit fell slightly as the bank remains restrained by federal regulators who put a tight leash on it after years of scandals and missteps.

The San Francisco company said Tuesday that it earned a profit of $6.06 billion ($1.21 per share) in the quarter, down from $6.15 billion ($1.16) in the same period a year earlier. The results did beat analysts’ expectations, who were looking for Wells to earn $1.19 a share.

Wells Fargo has been attempting to turn around after years of scandals in nearly every part of its business.