Tougher rules are on the way for banks, and that points to a difficult ride for lenders' stocks.
Investors should brace for a “punch in the stomach” as executives say how much the new rules, which would require higher capital levels for banks with more than $100 billion in assets, could affect their bottom lines, says Mike Mayo, analyst at Wells Fargo Securities.
“For new proposed Basel 3 capital rules, we expect near-term ‘pain’ as banks give more details about the impact during Sept. conference season, but longer term ‘gain’ as regulators likely ease the rules from what we consider the current worst case,” Mike Mayo, analyst at Wells Fargo Securities, wrote Tuesday.
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