@moby.co: On Tuesday, JPMorgan missed estimates for the first time in years. Somewhere in Charlotte, Brian Moynihan felt the rare sensation of superiority. Then the Treasury Department called. Hours before Bank of America reported, regulators fined it $1.21 billion for money laundering and sanctions violations, including the biggest penalty the OCC has ever levied. They first flagged the problems 2 years ago. Oh, BriMo. The fine left EPS at 91 cents against $1.10 expected. Take the fine out and you get $1.08, which… still misses. Trading did the rest. Moynihan guided flat. It fell 5%. Professional quote machine Mike Mayo called the capital markets results “easily worst in class.” The shares fell as much as 8% Wednesday morning. Net interest income beat, so that drop is a credibility discount on BriMo’s guidance, plus a remediation bill nobody can size yet. Moby wants to see that bill before calling this dip a gift.

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