Recent Bank Surprises a False Spring

Investors should prepare for multiple bottoms in the economic cycle over then next year, as financial companies on both sides of the Atlantic could easily revert to missing earnings expectations in 2010, Simon Goodfellow, head of European equity strategy research at ING Wholesale Banking, told CNBC Friday.

"Most of those forecasts were put in place before some very late changes to the accounting rules," he told "Squawk Box Europe".

More positive profit surprises could still be coming from major US banks in 12 months, Goodfellow said, but he added his is "equally prepared to believe they will go back to surprising to the downside sometime in 2010."

"We are going to get a much more bumpy inventory cycle than people seem to think," he said "I think it is going to have multiple bottoms. That’s going to be quite a drag on market performance."

And while the current reporting period is off to a good start, it will "end with a whimper," he added.