Bargains In Slumping Bank Stocks Click here for an index of Articles . This article appeared in The Washington Post on August 27, 1998. By James K. Glassman Bank stocks fell again yesterday.
Truth is, they're getting massacred, brutally and indiscriminately.
The main reason, of course, is the financial crisis that seems to be spreading from developing markets in Asia, Russia and Latin America to the rest of the world. Joel Silverstein, of Prudential Securities Inc., agrees that the pessimism is unwarranted. But this enthusiasm from analysts hasn't helped. The consolidation of this absurdly fragmented industry has been a good thing, leading to enormous cost savings and better management. But some acquirers have clearly gone overboard.