Jan 13 (Reuters) - Wells Fargo & Co on Friday reported a decline in profit for the fourth quarter as it paid regulatory penalties and stockpiled money to prepare for soured loans against the backdrop of a weaker economy.
The fourth-largest U.S. lender reported a profit of $2.9 billion, or 67 cents per share, for the quarter ended Dec. 31, compared to $5.6 billion, or $1.40 per share.
Wells Fargo shares slumped 3.34% on Q4 report.
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