The effects of the credit crisis could last up to two years, according to analysts at rating agency Standard & Poor's.
Speaking in a November conference call, financial institutions analyst Tanya Azarchs said: "It is not a very rosy picture for the next 18 months or two years. We may get more surprises in the fourth quarter."
Azarchs named over-leverage and subprime exposure as the two main problems facing major financial institutions. Of these, subprime was by far the more serious, she said.