Nearly eight years to the day from when Lehman Brothers collapsed and set fire to the financial world, widely followed analyst Mike Mayo said the industry has fully rebounded.
"I don't feel as though the world understands just how strong U.S. banks are. Banks have the strongest balance sheets in a generation," Mayo, an analyst now with Wells Fargo Securities, told CNBC's "Power Lunch" program. "They have enough capital to absorb not one financial crisis but two financial crises."
That wasn't the case on March 15, 2009, when Lehman lost its ability to obtain the short-term financing critical to its operations.
After a weekend of heavy wrangling to find the buyer, the government chose to let Lehman go under rather than provide a buyout. The ensuing liquidity crisis saw a prominent money market fund fail to meet its own obligations and triggered a crisis that necessitated a massive Wall Street buyout.
Fast-forward to 2017, and conditions have changed dramatically, Mayo said.