may not be not mayoCalyon Secuities analyst Mike Mayo , a well known banking analyst , says the default rate on loans will exceed that of the Great Depression .
In intitiating coverage at his new firm , Mayo rates the banking sector " Underperform " . He was previously an analst for Deutsche Bank . In research note , Mayo says banks will see a " rolling recession " by asset class as loan losses across various assets peak at different times.
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