I did the opposite a few weeks ago. BAC and C are both nice values, but AIG will pay off all of its remaining debt and buy back much of it's outstanding equity within the next several months- with more stock purchases likely to follow. Neither of these banks will get that opportunity any time soon. I also got frustrated by the "thousand cuts" the banks are suffering, without any end in sight. Both continue to be harassed and sued by politicians, judges, lawyers and regulators. On top of that, technology is changing the very nature of banking. Democratization of finance is good for consumers, but it has left banks scrambling for a business model. We don't yet know what banking will look like in 3-5 years. We do know what insurance will look like. It's a simpler business model. If AIG gets north of 40, and BAC under 8 again, or C under 33, Id consider rotating back into those banks. For now, I'm gland to be in AIG instead.