Concerns over the safety of debt in the energy sector have been a key factor in the continued underperformance of financials since the start of 2016, with some investors worrying that banks may prove unprepared for energy-related losses though precious few have been forecasting anything like a subprime-style debacle.
So far this year, the MSCI World/Financials Index is down 14 percent, while the broader MSCI World Index is down 7 percent.