Goldman Sachs (GS) seems to be taking a stand when it comes to the banking industry. It just upgraded large banks, the likes of JPMorgan Chase (JPM) and Bank of America (BAC)--Citi (C) was not rated--and others, from neutral to attractive. There are, of course, plenty of analysts with opposing points of view.

One such analyst is the respected Chris Whalen, a known bear. Whalen was "astounded" by Goldman's report, as noted by Yahoo. He says the industry is in fact "heading into the storm." He predicts the "earnings outlook will get worse over the next two quarters, resulting in a "bloodbath" in the fourth quarter. This may largely be rhetorical war.

Goldman Sachs believes that there are lots of banks with large commercial exposures to be avoided. I doubt Whalen would disagree with that. There may be some disagreement on big banks, like Wells Fargo. Whalen is not nearly as optimistic. 

For more:
- here's an article on Whalen's views

Related Article:
Goldman Sachs' take on commercial exposures