Former Citigroup CEO touts Morgan Stanley, Charles Schwab as 'really very good buys' for a financial-sector rebound
Bank stocks joined major indexes in sliding through the week as investors grew cautious of economic reopenings taking place too hastily. The equities tumbled further duringas investors braced for years of near-zero rates cutting into the sector's earnings. Net interest income serves as a key revenue stream for major firms, and historically low rates reduce profits made through loans.
While investors may view the stocks' tumbling prices as a revival of financial-crisis carnage, Weill said the industry"is in very good shape this time" and primed to ride out the storm. "I think companies like Morgan Stanley and Schwab are really very good buys for the longer term because they really represent the building up of assets, recurring income," he added.
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