Wells Fargo profit falls as employee costs rise

April 14, 2015 2:32 PM

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Wells Fargo profit falls as employee costs rise

(Reuters) - Wells Fargo & Co (WFC.N), the largest U.S. mortgage lender, reported a drop in quarterly profit for the first time in five years as employee costs rose at a time margins are under pressure from low interest rates.

Banks are struggling to boost margins as persistent low interest rates and stricter capital requirements offset any benefit from cost-saving initiatives.

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