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Financial Stocks Gain as BofA, Regionals Questions Lurk
Stocks opened higher Wednesday and continue to climb mid-morning — despite a glum GDP report — amid glimmers of health in financials.
Citigroup [C
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] is reportedly asking for permission to pay out executive bonuses.
Bank of America [BAC
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] shareholders are meeting today; CEO Ken Lewis will likely draw a lot of fire — and fight for his job — over issues like Merrill Lynch executive compensation.
As everyone waits for the results of the banks' stress tests, analyst chatter is focusing on the regionals: names including Fifth Third Bancorp [FITB
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], SunTrust Banks [STI
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] and Regions Financial [RF
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] are gaining today.
What would BofA's conversion-to-common look like — if it does convert? Will the regionals be able to raise capital?
David Faber has more. Watch his video report, above.
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