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Wells Fargo is slated to report earnings before opening bell

Wells Fargo is scheduled to report second-quarter earnings before the market opens on Friday.

Here’s what Wall Street expects:

  • Earnings: $1.12 per share, forecast by Thomson Reuters
  • Revenue: $21.677 billion, forecast by Thomson Reuters
  • Net income: $5.47 billion estimated, which would be down 1.1 percent from the first quarter.

The bank has been under pressure for several quarters because of multiple probes into its sales practices. But the Federal Reserve gave it the go-ahead last month to buy back $24.5 billion of its stock, more than double the amount it bought last year, and raise its quarterly dividend four cents to 43 cents a share. Earlier this year, the Fed slapped a cap on Wells Fargo’s assets, telling it to improve operational controls.

Shares of Wells Fargo are down nearly 8 percent this year.

Earlier Friday, JPMorgan Chase reported its second-quarter results.

This is breaking news. Please check back for updates.

source : www.cnbc.com