Mutual fund genius Bruce Berkowitz recently compared Bank of America with Wells Fargo, and Fool analyst Anand Chokkavelu weighs in on how far Bank of America has come. He agrees with Berkowitz that Bank of America is making strides in focusing on its core retail banking and has upside as it resolves its legacy (i.e., toxic) loans. But Anand highlights that Wells Fargo is in a class by itself among the big banks and is justified in being valued at three times where Bank of America sits.

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