NEW YORK (TheStreet) - Wells Fargo (WFC) will report its first-quarter earnings before the market opens Wednesday, and like the remaining "big four" U.S. banks, the harsh regulatory environment, headline risk and a slow economic recovery present an excellent opportunity for long-term investors.
The consensus among analysts polled by FactSet is for the company to post earnings of 66 cents a share, increasing from 61 cents last quarter and 45 cents in the first quarter of 2010.
|Wells Fargo CEO John Stumpf|
Many analysts expect the company to disclose additional mortgage-related expenses in the wake of the Office of the Comptroller of the Currency's cease and desist order against main subsidiary Wells Fargo Bank NA, highlighting "unsafe or unsound practices in residential mortgage servicing and in the Bank's initiation and handling of foreclosure proceedings," with the bank agreeing to improve its processes and procedures and pay an undisclosed fine.
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