Bank of America (BAC) volatility elevated at 81 into management changes

Bank of America (NYSE: BAC) is recently up 3.6% following the appoint David Darnell and Tom Montag to the newly-created positions of co-COO's, accountable for all of the company's operating units. CLSA's Mike Mayo is maintaining its downward bias to earnings and target. Overall option implied volatility of 81 is above its six-month average of 43 according to Track Data, suggesting larger price movement.

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