Wells Fargo earnings expected before the bell with new CEO set to takeover next week. Last month, the bank's board of directors named Charles Scharf as CEO and president.
Here's what Wall Street expects:$21.19 billion, according to analysts surveyed by Refinitiv.Shares of Wells Fargo were up 7% for this year before the report.. Scharf, formerly the chairman and CEO of BNY Mellon, will take over for Tim Sloan at Wells Fargo on Monday.
The nation's fourth-largest bank, Wells Fargo has been mired in restructuring and regulatory scrutiny since 2016. Under former CEO John Stumpf, Wells Fargo employees had created millions of fake bank accounts to meet sales quotas. With the bank's reputation damaged, Sloan had taken the reins from Stumpf. But Sloan resigned abruptly in March of this year.
In 2018, the Federal Reserve capped the Wells Fargo's asset growth, after the bank discovered further problems with how it treated customers.
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