Nearly half of the nation's largest banks are burdened by securities portfolios that render them vulnerable to further damage from rising rates, according to a new report by a New York analyst.

Linda Stromberg of M.R. Beal & Co. says 46 of 94 banks she covers face significant risk. Her conclusion is based on a model that factors in the sizes of bank securities portfolios relative to assets and their deterioration as rates rose earlier this year.

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