Reputed bank analyst Mike Mayo hits banks with an Underweight rating, saying he sees loan losses exceeding levels seen during the Great Depression. "New government actions might not help as much as expected, especially given that loans have been marked down to only $0.98 on the dollar," he says. Banks are down across the board. PNC -7%. STI -7%. WFC -5%. C -5%. BAC -4%. MS -4%. USB -4%. GS -4%. JPM -3%.