Shares of banks and other financial institutions fell slightly as investors remained skeptical that global lenders will pull through the economic downturn without incurring significant impairments.

Historically low valuations as measured for European bank stocks are largely justified because of exposure to risky sovereign debt, said analysts at brokerage Credit Suisse, in a research note, arguing that asset management and wealth-advice oriented banks are better positioned to generate returns.

"Alongside low rates for even longer, we retain a strong bias for asset gatherers," said the Credit Suisse analysts. 


 Write to Rob Curran at rob.curran@dowjones.com