Here comes Wells Fargo ...
Wall Street is expecting the bank, which has taken a beating on Capitol Hill and in the press for its myriad consumer banking scandals, to deliver earnings of $1.03 per share, down from $1.05 last quarter.
Here's what else analysts will be looking at:
- Revenue of $22.4 billion, down from $22.5 billion in the second quarter.
- Net income of $5.13 billion, down from $5.28 billion in the second quarter.
- Net charge offs: Hit a post-crisis low of 0.27% in the second quarter, but Citi and JPMorgan each reported increases in the third quarter and increased reserves for loan losses.
The scandal resulted in multiple congressional hearings and the eventual ouster of former CEO John Stumpf. Also, reports suggest that the fake accounts practices may have taken place for many years prior to the original findings and resulted in even more fraudulent accounts.
Current CEO Tim Sloan was grilled by Capitol Hill lawmakers on October 3 for the one year anniversary of the scandal
Analysts will also expect updates on efforts to decrease management costs as well as any new details on the firms ongoing legal inquiries and litigation.