There's no letup in sight for U.S. banks, CLSA's Mike Mayo says: "This is going to be the worst...

|By:, SA News Editor

There's no letup in sight for U.S. banks, CLSA's Mike Mayo says: "This is going to be the worst revenue growth year for U.S. banks since 1938, and next year is not going to be a whole lot better." Mayo has Underperform or Sell ratings on 13 of the 19 U.S. banks he covers; his only Buy is PNC, because management has "stuck to their knitting."