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$WFC's expenses rose $402MM sequentially, hurt by $243MM of higher operating losses, reflecting higher litigation accruals. $WFC expects operating losses to continue to increase going forward related to outstanding legal matters like sales practice issues. Efficiency ratio for 3Q16 was 59.4% and this ratio is expected to remain at higher levels.
The latest earnings report by $VZ shows how it is losing customers despite offering the unlimited data plans, a record for the company.
$BEBE is closing down all its stores by the end of May.
$WFC agreed to hike its payout in a class-action settlement over unauthorized accounts by $32 million to $142 million for its retail sales practices. The settlement will now include customers who were impacted as early as May 2002.