When bank stocks were shaken from their lofty valuations Oct. 27, bank analysts at this quarter's analysts roundtable were already predicting the tremors. Banks appear to be ill-prepared for the inevitable downturn in the business cycle, say analysts who met on Oct. 23 for American Banker's quarterly roundtable session.

Chief concerns included on-target quarterly earnings that failed to impress, costly acquisitions, and dwindling reserves. Credit quality is still an issue despite marginal improvement.

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