By Rebecca Ungarino

Bank of America shares hit a record high for the first time in nearly two decades, a moment that reflects both the bank's efforts to reinvigorate its stock and a more favorable environment in Washington, D.C.

Shares of the Charlotte, N.C.-based bank closed the day up by 1% to $55.14, the first record closing high since Nov. 20, 2006, before bank shares fell globally during the 2008-2009 financial crisis.

Bank of America has sought to revitalize its stock after trailing behind rivals for years under longtime CEO Brian Moynihan. Last month, the bank laid out new financial targets in the first investor day presentation it has held in 14 years.

Bank stocks are also benefiting broadly from the Trump administration's commitments to loosen regulation.

This week, Treasury Secretary Scott Bessent took a new step to advance that agenda when he announced Thursday that a key financial watchdog would change its approach to focus on promoting growth.

The announcement from Bessent sent stocks higher on Thursday: The State Street SPDR S&P Bank ETF hit a record.

Citigroup has risen along with peers as it benefits from the same policy changes. Investors also see progress from CEO Jane Fraser's firmwide turnaround efforts. On Friday, Citi's stock rose to its highest level since November 2008, but it is still trading meaningfully below its record. It remains within a range where it has traded for nearly 20 years.

Investors will be on watch for signs that it can break out.

Write to Rebecca Ungarino at rebecca.ungarino@barrons.com

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December 12, 2025 17:37 ET (22:37 GMT)

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