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People walk by a Wells Fargo bank branch on October 13, 2017 in New York City.
Wells Fargo & Co. is scheduled to report third-quarter earnings before the market opens on Friday.
Here’s what Wall Street expects:
- Earnings: $1.17 a share, forecast by Refinitiv
- Revenue: $21.89 billion, forecast by Refinitiv
- Other metrics: Net interest margin, 2.934%, forecast by StreetAccount
Wells Fargo is working on cutting costs. In September, it announced plans to cut 5 percent to 10 percent of its workforce over the next three years as part of an ongoing turnaround plan. Wells employs 265,000 people. It said changing consumer behavior, including a preference for digital self-service options, is the reason for the cuts.
A regulatory enforcement action means it can’t grow substantially until it gets its house in order after multiple scandals involving sales practices. Wells fell short of Wall Street’s expectations for the second quarter, as revenue and net income in the bank’s three business lines fell compared with the same period last year.
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