BofA shares jump after exec, hedge fund buy shares

The Associated Press – Shares of Bank of America shot up Thursday as a new executive at the bank, as well as a prominent hedge-fund manager, decided to place big bets on the company by buying up blocks of shares.

Shares jumped $1.07, or 6.7 percent, to close at $17.

Sallie Krawcheck, the former Citigroup Inc. executive hired last week as part of a management shake up at the Charlotte, N.C.-based bank, bought more than $1 million worth of the bank’s shares on Wednesday, according to a filing with the Securities and Exchange Commission on Thursday.

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