Mayo Says Loan Losses Will Exceed Depression Levels
By admin on April 6th, 2009Mike Mayo, who left Deutsche Bank AG last month and joined CLSA, assigned an “underweight” rating to U.S. banks and predicted loan losses will exceed levels from the Great Depression. After Mayo gave “sell” ratings to banks U.S. stocks dropped. Bank of America Corp. and JPMorgan Chase & Co., the two biggest U.S. banks by assets, were assigned “underperform” ratings, Mayo said in a report today.
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