Hugh L. McColl Jr. may just be California dreaming, but Wall Street isn't taking any chances.

Shares of two large California banks, Wells Fargo & Co. and First Interstate Bancorp, jumped this week after the NationsBank chief executive was quoted as having said California remained the only big market he was eager to enter.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.