Analysts cut Wells Fargo profit estimates ahead of results
Goldman Sachs Group Inc (GS.N) on Wednesday became the ninth investment bank in the past month whose analysts have cut forecasts for Wells Fargo & Co (WFC.N), citing regulatory and legal issues in the wake of its scandal over fake accounts.
Wells Fargo is scheduled to report third-quarter results on Oct. 14. Analysts are expecting a profit of $1.01 per share, on average, down 0.8 percent from the estimates of 30 days ago.
Several Wall Street analysts have lowered profit estimates for Wells in recent weeks, citing problems the bank is facing over unauthorised accounts.
On Sept. 8, the... read more
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