Here comes Wells Fargo...
This will be the first earnings report since the bank became embroiled in a scandal involving the opening of 2 million accounts under the names' of customers without their honor.
Despite the bank paying a $185 million settlement with regulators and losing business from the states of California and Illinois since the scandal broke in early September, Wells executives said in a leaked conference call on Tuesday that the scandal has not substantially impacted the bank's business. The executives did note that the growth in retail banking accounts has slowed but more accounts were opened than closed.
In addition to the business ramifications, the earnings will be the first without former-CEO John Stumpf, who had led the bank since 2007 but retired Wednesday due to the scandal. Former COO Tim Sloan, a 29-year veteran of the bank, has taken over as the new CEO.
Analysts expect the bank to report earnings per share of $1.01 and revenue of $22.22 billion.
Bank earnings started strong on Friday, with JPMorgan reporting earnings of $1.58 per share, much higher than estimates of $1.39 per share. Citi will also report at 8 a.m. ET to round out the day.