The settlement is “a step forward in rebuilding management credibility,” Evercore said, but there is “still a long road ahead in terms of addressing key investor concerns,” including handling the second round of bank stress tests and high turnover in the executive ranks at B. of A.
Financial Select Sector SPDR Fund (NYSEArca: XLF) rose 1.7% in preopen trade Wednesday. The ETF has more than 6% of assets invested in Bank of America. Expectations that lawmakers in Greece would vote yes on austerity measures also boosted sentiment in the banking sector on Wednesday. [Metals ETFs Rise with Focus on Greek Vote]
Financial Select Sector SPDR Fund
