The big banking news so far in 2023 has been the failure of several midsize banks. The entire U.S. banking sector was tarnished, with banks both large and small feeling increased scrutiny. Bank of America (BAC 0.92%), one of the nation’s largest and most renowned financial institutions, was not spared. The stock has declined almost 5% this year, a time when the broader stock market has rebounded. But that just highlights an interesting and important thing about performance.
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