Fleet Financial Group's shares were downgraded Monday on concerns that without the benefit of merger-related cost cutting the company's earnings growth rate would lag behind other banks'.

Fleet's earnings have little room to grow, because "cost savings from the mergers have played out," said J.P. Morgan Securities analyst Catherine Murray, who cut Fleet to "market perform" from a "buy" rating.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.