Any bank executive who thought analyst Michael Mayos exile from Wall Street would avert a bear season on bank stocks can think again.
A new round of problem loans at big banks and a sudden spurt of bankruptcy filings by U.S. corporations in a range of industries has intensified the spotlight bank profits have been under for the better part of the year. In turn, the generalized sense of uncertainty Wall Street had had regarding the banking industrys outlook has resolved itself into a far more specific set of worries. Susan Roth, the influential analyst who joined Credit Suisse First Boston when it bought Donaldson, Lufkin & Jenrette Inc., took a lead role in setting the negative tone for the group. Ironically, it was Ms. Roth who succeeded Mr. Mayo at Credit Suisse, where he had drawn much attention this summer for issuing almost unheard of sell ratings on Citigroup Inc. and J.P. Morgan & Co.