ow 10x or less our lowered 2016 EPS vs. a 13 average PE since 1995. On a PB basis, S&P Banks trade at 0.9x vs. -2x on average since 1995. Figun 16: Forward PE of Banks. Financials. and S&P 500 4 17 • Zi• • 1437 1$ f n 23 21 19 rt r 17 aee e • 13 §n I I 1 iHigli UR h AA E§A Recess= —flanks ioics so —Am