The financial crisis has done little to damage the reputation of Mike Mayo, still among the most respected bank analysts in the industry. Unfortunately, he remains bearish. He just published a report, among his first for Calyon Securities, the investment-banking unit of Credit Agricole--and the bank sector promptly tanked, notes MarketWatch.

In Mayo's view, the capital crisis at big banks is hardly over. He says we're in for a lot more loan loss provision hikes, which may approach Great Depression level, and the threat of more government action is pressing. He slapped an underperform rating on most of the top banks, including Citigroup, Bank of America, JPMorgan Chase and Wells Fargo. He did the same on a bunch of regionals. Other analysts have voiced similar views. Mayo's words lend a certain credibility. Mr. Market certainly reacted. For a contrarian view on Bank of America, see the item on Richard Bove's views. 

For more:
- here's the article
- Meredith Whitney also remains bearish. Article

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