Big banks' shares plummeted in a tumultuous trading session Friday, but one Wall Street analyst thinks stocks are oversold after a difficult start to 2016.
"I don't see what happened in 2007 happening again. Banks are much safer," said S&P Capital banking analyst Erik Oja. "They're definitely in an oversold position."
Citigroup, which posted earnings that topped analysts' expectations, saw shares drop the most Friday, losing more than 7 percent at the open and rebounding, slightly, to losses of more than 6 percent in mid-afternoon. The company's stock is down 18 percent to start 2016.