'Bank bonanza' could be coming for the first time since before the Great Recession

Key Points
  • Many bank stocks have still not regained the ground lost when they were pounded during the Great Recession, but they could prove to be winners post-Covid.
  • Banks have cleaned up their balance sheets and are stronger than they were in the past, so a pickup in interest rates should help their bottom lines.
  • Wells Fargo bank analyst Mike Mayo said a "bank bonanza" is coming, but the industry has been hurt by low rates and it's still in the process of bottoming.

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