JPMORGAN AND CITI HINT AT BROADER WELLS FARGO WOES
JPMorgan and Citigroup are hinting at broader woes for Wells Fargo. Wall Street helped the two diversified mega-banks trounce third-quarter earnings expectations, while the more retail-focused of the trio just squeaked by. As Wells Fargo Chief Executive Tim Sloan contends with the sham-accounts fiasco, he also will be tested by falling returns.The scandal that cost Sloan’s predecessor John Stumpf his job earlier this week has yet to have any discernible effect. Only $5 million had to be set aside to compensate customers and the $185 million in fines are a rounding error. Though Wells Fargo’s profit fell 2.6 percent from a year ago.