He doesn't believe, however, that the election has added any more political risk to the banking sector. "The die has been cast," Mayo said. "It's just a matter of interpreting the rules that are out there."
Mayo is starting to get more bullish on some names in the sector, but not because of any change in the macro or political environment.
"I'm recommending Morgan Stanley and Citigroup for the first time in four years," he said, because of the potential for those banks to restructure themselves.
Mayo pointed to what Swiss bank UBS is doing at its investment bank. "UBS is undertaking the biggest restructuring in the history of banking," he said, "And it shows the potential for banks such as Morgan Stanley and Citigroup to better optimize."
If the banks don't start doing it themselves, Mayo expects to see shareholders ratchet up the pressure.
—By CNBC.com's Justin Menza
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