Few positive signs around for troubled banks sector

Rising interest rates and fierce internet competition have led fund managers to remain underweight in banking stocks. The two factors are seen as near guarantees that the sector's poor performance will continue. It is down some 8% in euro terms year to date compared with a 4% overall rise in the European market. Steve Roper, European investment manger at Britannic Asset Management describes banks as the major losers amid the internet revolution. He says: "There will be little need for high street banks as internet banking becomes increasingly popular. They are much cheaper to run and the...