When Wells Fargo reports first-quarter earnings later in April it may resolve a lingering question about Warren Buffett’s bank investing strategy: Has “Oracle of Omaha” put his money behind America's most profitable bank?
If you believe CNBC, expectations are for Wells Fargo to possibly unseat JPMorgan Chase as the most profitable U.S. bank by year end and solidify Buffett’s next bank investing coup.
Going into first-quarter earnings, investors are expecting big results out of Wells Fargo, after its record fourth-quarter earnings outperformed rivals. The San Francisco-based bank saw its earnings grow nearly 30 percent in 2011, significantly beating the sub-10-percent earnings growth of competitors like JPMorgan and Citigroup, while Bank of America swung from a 2010 loss to a moderate profit.
Wells Fargo is expected to earn $3.9 billion in first-quarter profits on $20.3 billion in revenue, according to consensus estimates compiled by Bloomberg. For 2012, the nation’s fourth-largest bank by assets expected to post a record $17.5 billion profit on $81.3 billion in revenue, which would put it in contest with the $18.5 billion in profit that JPMorgan is expected to earn….
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