Having gotten through the Y2K rollover with hardly a scratch, bank stocks might have been expected to do well Monday, but instead took their worst battering since the Russian bond default in August 1998.

Ironically, analysts actually blamed much of the carnage on the banks' success in avoiding serious computer problems as the new millennium began.

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.