Wells Fargo & Co (WFC.N) said on Friday its loan book shrank and it raked in less fee revenue than a year ago, factors that contributed to lower-than-expected quarterly profit and sent its shares lower.

The bank said much of the lending decline had to do with moves to avoid riskier loans, but the second-quarter results ignited fears about lingering reputational damage from Wells Fargo’s phony accounts scandal and other customer abuses. Reuters