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Home»Finance»Big banks are safe-haven bets: Mayo
Finance

Big banks are safe-haven bets: Mayo

DeepBy DeepFebruary 9, 2016No Comments2 Mins Read
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Some traders are avoiding the energy space after WTI crude broke below $30 on Tuesday, but one analyst believes that the banks are actually insulated from the underperformance of the energy space.

Top banking analyst Mike Mayo of CLSA said on CNBC’s “Fast Money Halftime Report” that he doesn’t think that banks have significant exposure to the problems in energy.

“Non-banks have originated only a quarter of [large oil-and-gas loans], but have two-thirds of the criticized assets,” Mayo said. “The problems in oil and gas are outside of the banking industry. In this case, don’t blame the banks.”

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Given JPMorgan’s performance after an upbeat earnings report, investors are looking ahead to earnings reports from other major banks. Mayo is bullish on the banks and says that people should look to them as “pillars of strength” or “safe-havens in the current environment.”

“The banks have enough resiliency to absorb a whole ‘nother housing crisis — which we don’t think is going to happen — and still have more capital than before the last downturn,” Mayo adds.

BlackRock, Citigroup, US Bancorp and Wells Fargo are expected to report earnings before the bell Friday.

[“source -cncb”]

are banks bets: big Mayo safe-haven
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