Bank of America (NYSE:BAC) chief Brian Moynihan reported met privately this week with top brass at the Treasury Department and the Federal Reserve.
The Wall Street Journal reports that Moynihan met with Treasury Secretary Timothy Geithner and Federal Reserve governor Daniel Tarullo amid what the newspaper called “the bank’s campaign to calm investors and employees about the bank’s dramatic share slump.”
The Journal reports the meetings took place separately on Wednesday in Washington, after Moynihan had taken part in a public conference call organized by an investor earlier in the day, in which he discussed the bank’s strategy and financial strength.
Moynihan and the Washington officials were said to discuss housing, consumer spending and other economic issues, and the Journal reports Moynihan stressed the urgency of reaching a broad mortgage foreclosure settlement with federal agencies and state attorneys general.
Bank of America shares are trading up over 1.5% today.
The firm is the top holding in the Rydex 2x S&P Select Sector Financial ETF (NYSE:RFL), trading down 6.7% today. Rivals JPMorgan Chase (NYSE:JPM) and Wells Fargo (NYSE:WFC) are also top holdings in the fund.
The iShares Dow Jone U.S. Financial Services Fund (NYSE:IYG) is trading up about .2% Friday. Bank of America is the #4 holding in that fund, behind JPMorgan, Wells Fargo, and Citigroup (NYSE:C).
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