Despite Wednesday's better-than-expected numbers from Wells Fargo (WFC, Fortune 500), both Merrill Lynch and Citigroup are expected to book losses for the quarter. Merrill is due to report earnings after the market close Thursday. Citigroup's results are slated for release early Friday. Wachovia (WB, Fortune 500), which reports on July 22, warned last week that it expects to lose between $2.6 billion and $2.8 billion during the second quarter. Profits for Bank of America (BAC, Fortune 500), due out on July 21, are expected to be less than half of what they were just a year ago.
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