San Francisco bank had said in August that litigation costs
could exceed provisions by as much as $1 billion.
Wells Fargo also said on Thursday that the U.S. Securities and
Exchange Commission (SEC) is investigating the bank's sales
The bank has faced intense regulatory scrutiny since September
over the opening of as many as 2 million unauthorized accounts,
a scandal that led to the departure of former chief executive
John Stumpf last month.
Wells Fargo in September agreed to pay regulators $185 million
in a settlement over the case.
The Wall Street Journal had reported on Wednesday that the SEC
is probing whether Wells Fargo violated rules around investor
disclosures and other matters relating to the sales tactics
The company said it could not determine if a resolution of its
sales practices could have a "material adverse effect" on its
Goldman Sachs Group Inc separately said on Thursday that it had
scaled back its estimate of the legal costs it may face beyond
what it has set aside, to $1.7 billion from $2 billion. (http://bit.ly/2fy8sHX)
(Reporting by Sruthi Shankar in Bengaluru; Editing by Sai Sachin
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