Battered and bruised banks are sending Europe's markets into meltdown. However despite the turmoil, analysts believe there are some pockets of value.
"In time there will be (a buying opportunity for banks), I can't say it's going to be in the next week or next month; but on a six to 12 months perspective? Yes," Bill O'Neill, head of UK investment office at UBS, told CNBC Thursday.
While concerns are escalating over banks' ability to handle low growth and low interest rates, O'Neill said a "deafening, harrowing scream" around banks' balance sheets was not happening.
Despite this, Europe's STOXX 600 banking index traded at multi-year lows on Thursday, hitting levels not seen since August 2012, as mixed earnings and fears over the sector's stability continued to brew.