Wells Fargo is set to release their earnings for the first quarter of 2017 at 8:00 a.m. ET.
Analysts project that the bank earned $US0.97 per share on revenue of $US22.3 billion according to Bloomberg.
The report also follows a wild week for Wells Fargo.
On Tuesday, the board of directors released its investigation into the bank’s fake accounts scandal. In September, it was revealed that Wells had settled with regulators after its employees in the retail banking segment had opened up to 2 million accounts for customers without their knowledge between 2011 and 2015. The scandal led to multiple congressional hearings and the resignation of former CEO John Stumpf.
The board determined that both Stumpf and former Community Banking head Carrie Tolstedt were responsible for not cracking down on the practice earlier and the board said the scope of the practices most likely extended beyond 2011.
For his role in the fake accounts issue, the board clawed back another $US28 million in compensation for Stumpf (in addition to the $US41 million it had clawed back previously). Tolstedt was also retroactively fired and had $US47.3 million clawed back.
Since the settlement with regulators was announced, the bank has seen a steep decline in new account openings.
Additionally, on Thursday Warren Buffett’s Berkshire Hathaway announced it was selling a total of 9 million shares of Wells Fargo ro duck under regulatory hurdles from the Federal Reserve.
Any entity owning more than 10% of a large bank — as Berkshire did with Wells — is subject to additional regulation from the Fed. Berkshire decided that the extra scrutiny did not allow them to be the type of shareholders they wanted, so Buffett’s firm announced it would reduce their holding in Wells to just below the 10% threshold.
We’ll have the number as it crosses, so refresh the page for updates.
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