Has the banks’ rally gone too far? JP Morgan and Citi think so?

Especially after the Euro Stoxx Banks index has skyrocketed by 35% in the first three months of the year, thanks, among other things, to the tax stimulus plan of Germany and the European Union to increase defence spending. To give some examples, in Spain, CaixaBank accumulates an annual increase of over 40%; in France, Société Genérale shoots more than 60%; in Germany, Deutsche Bank rises about 40%. In addition, the Italian UniCredit advances by…