Here comes Wells Fargo...

Wells Fargo is set to release their second quarter earnings at 8:00 a.m. ET Friday.

Analysts are expecting adjusted earnings per share of $1.01 on revenue of $22.21 billion, according to Bloomberg.

In the same quarter last year, Wells beat expectations, reporting earnings per share of $1.04 ($1.03 expected) on revenue of $24.3 billion.

In the first quarter, Wells beat on the top and bottom lines, reporting earnings of $0.99 per share ($0.97 expected) on revenue of $22.2 billion, beating estimates of $21.61 billion.

“Wells Fargo’s first quarter results reflected the benefit of our diversified business model as we managed challenges presented by a volatile operating environment for our industry,” CEO John Stumpf said after the earnings.

The big story during the second quarter was the UK’s decision in June to leave the European Union, which sent shockwaves through markets.

Brexit is less of a big deal for Wells than it is for other major US banks, as Wells has less exposure to the UK. However, Wells has a larger portfolio of home mortgages, and tumbling bond rates due to the Brexit have lead to near all-time lows in mortgage rates which could suppress the bank’s net interest margins.

JPMorgan reported Q2 earnings on Thursday, beating expectations. Citi is also expected to report Friday morning. Bank of America Merrill Lynch will report Monday, Goldman Sachs Tuesday, and Morgan Stanley Wednesday.

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