Still, the massive bank has been able to absorb the financial hits. The bank generated profit of $22.2 billion last year and last month reported $5.9 billion in this year's first quarter. However, the $1-billion penalty did require Wells Fargo to adjust its first-quarter results to reflect the fines, cutting profit for the first three months of the year to $4.7 billion.

Source: Los Angeles Times May 04, 2018 21:54 UTC