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Take advantage of rising rates and invest in banks, former Wells Fargo CEO says

Chloe Aiello

Former Wells Fargo CEO Dick Kovacevich is selling tech and other stocks in favor of banks, which stand to gain from rising interest rates and a steepening yield curve. Amid fears that more expensive debt from rising borrowing costs could dampen corporate profits and the economy, banks are making gains. Kovacevich attributes previous sluggishness in bank stocks to fear economic growth could slow but says banks are priced to rise moving forward.