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Bank Earnings Season Begins

A spate of banking earnings are coming this week, with Citigroup and JPMorgan Chase reporting on Thursday and Bank of America, PNC and Wells Fargo releasing third-quarter results on Friday. Analysts expect solid but tepid results. Lending has been slow in many areas, including mortgage originations and refinancings. Low volatility has reduced trading profit for many banks, and a drop in mergers and acquisitions has cut into investment banking revenue.

Investors are keeping a close eye on Wells Fargo’s management. The bank is still struggling with the aftereffects of the fake accounts scandal that came to light last year, and the company’s chief executive, Timothy J. Sloan, faced blistering attacks from lawmakers at a Senate hearing last week. Analysts will be scouring the bank’s third-quarter earnings and its executives’ guidance for signs of how the turnaround effort is going. Stacy Cowley

https://www.nytimes.com/2017/10/08/business/nobel-in-economics-announced-and-bank-earnings-begin.html?