Nigel D’Souza, financial services analyst at Veritas Investment Research, tells BNN Bloomberg that as credit risk lags interest rate hikes, banks may not see a peak in credit losses until late 2023 or early 2024, and therefore the true bottom for the sector may be up to two years away. He notes that any decline in economic activity will be negative for the banking sector. His stock picks include BMO (BMO TSX), Canadian Western Bank (CWB TSX) and Manulife (MFC TSX).