What to Expect Friday From Wells Fargo's Results

Date : 07/12/2018 @ 1:04PM
Source : Dow Jones News
Stock : Wells Fargo & Company (WFC)
Quote : 52.15  0.0 (0.00%) @ 4:00AM

What to Expect Friday From Wells Fargo's Results

Wells Fargo (NYSE:WFC)
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6 Months : From May 2018 to Nov 2018

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By Emily Glazer 

Wells Fargo & Co. is expected to report second-quarter results before the market opens Friday. Here's what you need to know.

1. Higher Earnings Expected

Analysts are expecting Wells Fargo to post per-share earnings of $1.12 for the quarter, according to Thomson Reuters, compared with $1.07 in the year-earlier quarter.

2. Revenue May Rise

Revenue of $21.68 billion is forecast, down from the $22.17 billion reported in the year-earlier quarter.

3. Asset Cap Impact

Wells Fargo's Chief Executive Timothy Sloan said in mid-May the Federal Reserve's asset cap would likely extend into the "first part" of 2019. The bank had initially signaled the cap, imposed in an unprecedented enforcement action by the Fed in February, could be lifted by October 2018. Though executives have said it hasn't forced the bank to reduce consumer deposits or lending, it has impacted other parts of the business.

4. Cost Cuts Clarity

Wells Fargo continues to face pressure to cut costs after consistent gains over the past several quarters. But the recent progress excludes litigation and costs related to regulators and customer-service problems, which have continued to add up for the bank.

5. Ongoing Regulatory Scrutiny

Investors will be looking for more information on the latest problems Wells Fargo is tackling across its business units, most recently related to referrals in wealth management and compliance concerns in wholesale banking. Wells Fargo in April settled for $1 billion with regulators over improper charges to mortgage and auto-lending customers.

Write to Emily Glazer at emily.glazer@wsj.com

 

(END) Dow Jones Newswires

July 12, 2018 12:49 ET (16:49 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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