Here comes Wells Fargo ...

Wells Fargo is set to report third-quarter earnings on Friday at 8 a.m.

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 $US1.03 per share, down from $US1.05 last quarter.

Here’s what else analysts will be looking at:

  • Revenue of $US22.4 billion, down from $US22.5 billion in the second quarter.
  • Net income of $US5.13 billion, down from $US5.28 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.

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.

Citi and JPMorgan kicked off the earnings cycle for US banks Thursday, each handily beating earnings estimates.

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