WFC - Why Bank Stocks Are 'Uninvestable': Steve Eisman Explains Bearish Stance On Financial Sector Ahead Of JPM Citi Earnings | Benzinga
As big banks JPMorgan Chase & Co. (NYSE:JPM), Citigroup, Inc. (NYSE:C) and Wells Fargo & Co. (NYSE:WFC) herald the start of the bank earnings season, a big short investor reiterated his bearish stance on the sector.
What Happened: Banks continue to be uninvestable, said Steve Eisman, portfolio manager at Neuberger Berman, in an interview with CNBC on Tuesday. Interest margins are well under pressure, there are about two trillion in excess deposits in the system, he noted.
The analyst also sees regulators clamping down by way of increasing the capital ...