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'Hangover' From Lehman Continues: Analyst
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Staff Writer, CNBC.com
Three years after the collapse of Wall Street bank Lehman Brothers, the market has yet to fully recover, according to a US banks analyst.
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CNBC.com |
When Lehman Brothers filed for bankruptcy in September 2008, after sustaining huge losses on its investments in subprime mortgages, it sent markets into a tailspin.
The retail end of US banking has been cleaned up in the last three years, Staite said.
"The US banking sector has already cleared up most of the toxic assets and executives on the ground feel that things are back to normal on the retail side," he said. Liquidity is good, although they're struggling to find loan growth. They are perplexed by what's going on in Europe."
The investment banking side is facing a more difficult time, with the implementation of more directives such as Basel III, brought in following the credit crisis.
"It's more difficult to trade forex because you don't know what governments are going to do," Staite added.
Jamie Dimon, chief executive of JP Morgan Chase [JPM
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Staite believes that Bank of America [BAC
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] is the US bank which has recovered least from the crisis, owing to its purchase of Countrywide.
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