Here comes Wells Fargo...

Wells Fargo is expected to report first-quarter earnings at 8 a.m. Thursday.

Analysts are expecting adjusted earnings per share of $0.97 on revenue of $21.61 billion, according to Bloomberg.

In the same quarter last year, Wells Fargo reported diluted earnings per share of $1.04 on revenue of $21.3 billion.

Last quarter, Wells Fargo reported diluted earnings per share of $1.03 (versus $1.02 expected) on revenue of $21.6 billion ($21.84 billion expected).

"Full year and fourth quarter 2015 results demonstrated the benefit of our diversified business model as we again generated strong financial results, maintained our risk discipline and continued to invest across the company for future growth," CEO John Stumpf said in a statement at the time.

The first quarter is typically the strongest for investment banks, but analysts are expecting an unusually weak Q1 earnings season on Wall Street this year.

Choppy trading conditions in early 2016, fears over China's growth, and a collapsed oil price are thought to have created a "perfect storm" for banks. Investment-banking revenue is down 36% across the Street, according to preliminary Q1 data from Dealogic - its lowest level since 2009. More on that here.

JPMorgan on Wednesday reported first-quarter earnings that beat on the top and bottom lines. Bank of America reported fourth-quarter earlier on Thursday that were in line with expectations.