Salient to Investors:

Joseph Franco at Suffolk University said pay-to-play is an inevitable consequence of bankers seeking lucrative fees controlled by politicians – firms create incentive structures for their bankers that fuel this sort of conduct.

David Trone  at JMP Securities and others said the settlement had no effect on the bank’s share price as investors viewed the penalty as trivial – these things are so commonplace, the market just ignores them.

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