Market Extra: Wells Fargo earnings: Here’s what to expect as embattled lender’s CEO steps down

Wells Fargo & Co. is scheduled to report third-quarter results on Friday before the start of trading, and investors will expect earnings to be weaker than the year-earlier period as the embattled lender fights to restore its reputation after a bruising scandal erupted over its sales practices, costing its CEO his job.

Early last month, the giant San Francisco-based lender was slapped with a $185 million fine for “widespread illegal” sales tactics, in which its employees opened millions of credit-card and deposit accounts without customers’ knowledge. Wells Fargo WFC, -0.29% neither admitted nor denied wrongdoing in a consent order it signed with the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency and a city attorney, but its actions have drawn a firestorm of outrage and sullied its once-stellar reputation.

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