Financial sector Margins squeezed

credit of the month


• Ryan O’Connell ABN Amro Banks: marketweight Brokers: overweight Our top picks for the financial sector are JP Morgan Chase (JPM) and Goldman Sachs (GS), based on their fundamentals and current bond valuations. We also like Lehman (LEH) and Wachovia (WB), which we think have good momentum in their key business lines, but their bonds seem fairly valued to us. We would buy them on any price concession for a new issue or any weakness in pricing. Our outlook for banks and broker