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- The U.S. Treasury Department announced a $1.2 billion penalty against Bank of America on Tuesday.
- That charge will inevitably spark questions as to whether CEO Brian Moynihan has a handle on controls at the second-biggest U.S. bank by assets.
- JPMorgan Chase, Goldman Sachs, Wells Fargo and Citigroup reported earnings this week, to mixed results.
Brian Moynihan, Chairman and CEO of Bank of America, speaks with Economic Club of Washington Chair David Rubenstein at an event at the Ritz-Carlton on February 25, 2025 in Washington, DC. Anna Moneymaker | Getty Images
Bank of America is scheduled to report third-quarter earnings before the opening bell Wednesday, just one day after the bank was hit with a $1.2 billion penalty by the U.S. Treasury Department.
That charge, which cut net income by 17 cents a share, will inevitably spark questions as to whether CEO Brian Moynihan has a handle on controls at the second-biggest U.S. bank by assets.
Moynihan took the helm in 2010 and spent the early years of his tenure making amends for mortgage-related abuses in the aftermath of the 2008 financial crisis. Now, questions arise as to whether there are any more risk-management issues waiting to be found.
The Treasury announcement adds 11th-hour intrigue to what was an otherwise fairly routine bank earnings week. On Tuesday, JPMorgan Chase, Goldman Sachs, Citigroup and Wells Fargo posted mixed results, with JPMorgan missing EPS and revenue estimates for the first time in years.
Here’s what Wall Street expected from Bank of America’s third quarter:
- Earnings per share: $1.10, according to LSEG
- Revenue: $30.69 billion
- Net interest Income: $16.53 billion, according to StreetAccount
- Trading: Fixed income of $3 billion, equities of $2.8 billion
This story is developing. Please check back for updates.
