LIVE: Bank of America announces earnings

Bank of America is expected to report third quarter earnings at 7 a.m. on Wednesday.

Analysts are expecting earnings per share of $US0.33 on revenue of $US20.73 billion, according to Bloomberg.

In the same quarter last year, the bank reported a loss of $US0.01 per share, on revenue of $US21.4 billion.

The Charlotte, North Carolina-based bank paid a $US5.8 billion fine to the Department of Justice that quarter, which shaved earnings per share by $US0.43, according to the bank.

The bank later revised down Q3 2014 earnings by $US400 million amid a currency probe that forced it to add to its legal reserves.

Last quarter, the bank reported earnings that beat on the top and bottom lines. Legal fees were down some $US3.8 billion from the same quarter a year earlier.

“Solid core loan growth, higher mortgage originations and the lowest expenses since 2008 contributed to our strongest earnings in several years, as we continued to build broader and deeper relationships with our customers and clients,” CEO Brian Moynihan said in a press release at the time.

“We also benefited from the improvement in the US economy, where we are particularly well positioned,” he said.

Bank of America also has a new CFO. Bruce Thompson left that position shortly after second-quarter earnings were released in July and has been replaced by Paul Donofrio.

Wells Fargo will report Q3 earnings later on Wednesday.

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