January 8, 2009

By any measure, the U.S. banking industry has endured extraordinary shocks in 2008 that we expect to reverberate through the sector for years to come. Heading into 2009, startling systemic events have shaken the financial services industry.

Among these are the bankruptcy of Lehman Brothers Holdings, the forced sales of Bear Stearns & Co. and Wachovia, Citigroup's (C) government support package, and the regulatory seizure and sale of Washington Mutual.