Over 1,000 banks could fail in the next 3-5 years, says RBC analyst Gerard Cassidy, as the...

|By:, SA News Editor
Over 1,000 banks could fail in the next 3-5 years, says RBC analyst Gerard Cassidy, as the recession worsens and loan losses rise. Investors should "avoid the bank stocks," as "we are nowhere near the end of this down leg in the current credit cycle."