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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Anand Chokkavelu has no positions in the stocks mentioned above. Andrew Tonner owns shares of Wells Fargo. The Motley Fool owns shares of Bank of America, Citigroup, and Wells Fargo and has options on Wells Fargo. Motley Fool newsletter services recommend Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.