A Wells Fargo logo is seen at the SIBOS banking and financial conference in Toronto
Chris Helgren | Reuters
Wells Fargo is scheduled to release Tuesday its first-quarter results. Here’s what Wall Street analysts expect from the banking giant:
- Earnings: 33 cents per share expected, according to StreetAccount
- Revenue: $19.3 billion forecast
- Net interest income: $10.91 billion expected
Wells Fargo’s quarterly results will be the first ones since the coronavirus outbreak paralyzed the global economy, with governments pushing people to stay at home to curb the spread.
More than 1.8 million cases have been confirmed globally, according to Johns Hopkins University. The U.S. is the country with the most cases at more than 568,000. More than 118,000 people have died from the virus.
The outbreak led the stock market down from record highs in late February and into a bear market by March. The S&P 500 is down about 20% from its all-time high and 15% for 2020. Bank stocks such as Wells Fargo have fared even worse than the broader market.
Wells Fargo shares are down more than 41% in 2020 along with Citigroup. JPMorgan Chase has fallen about 30% year to date while Bank of America is down 32%.
The market drop, along with dimming economic prospects, sparked a flurry of stimulus measures from the government. One of those measures it the Paycheck Protection Program (PPP), which allocates nearly $350 billion in forgivable loans to small businesses.
However, Wells capped its participation in the program to $10 billion in loans, citing regulatory constraints.
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