Derek De Vries & team, BofA Merrill Lynch Global Research

Derek De Vries, who guides the 14-member BofA Merrill Lynch Global Research squad up one rung to second place, “is very responsive, and the dialogues with him are always insightful,” insists one buy-side backer. The analysts are based in London, Madrid and Paris, and they cover 41 companies. They believe that, despite turmoil in the sector, opportunities abound in some European bank stocks. De Vries acknowledges, however, that “value isn’t likely to be realized until current fears of a breakup of the euro dissipate.” In the meantime, the team remains positive on U.K. banks because the researchers contend they are adequately capitalized and priced to withstand either significant book-value destruction or a sustainable return on investment well below the cost of equity, should either of those scenarios occur.