Bank of America is set to report third-quarter earnings – here’s what the Street expects

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.