In the wake of foreclosure scandal at some major financial firms, it’s no surprise that I’m recommending a number of banks be sold this week. Despite improving earnings and a  general spring in the market’s step since September, my fundamental and quantitative screens show that major financial stocks like Bank of America (NYSE: BAC) and others are still bad investments.

As a “growth guy,” I’m not much of a believer in financial stocks to begin with – at least, not the large commercial banks. It’s very difficult for these companies to show continuous improvement in revenue and earnings – that is, legitimate revenue and earnings that won’t be eaten up by a bunch of mortgage write-downs a few years later!

The bottom line is that the bottom lines of these banks are still battered and there’s not much sign for optimism looking forward. Investors should get out of the following 7 financial firms immediately:

Wells Fargo & Co. (WFC)

Diversified financial services company Wells Fargo & Co. (NYSE: WFC) has had a rough run since May, falling -20.9% over the past five months.  Over the past 12 months, the stock is down -10.6%, compared to gains of +12.7% and +10.5% for the Dow Jones and S&P 500, respectively.  Currently trading at $26.01, WFC is just $3 above its 52-week low.  A quarterly earnings growth of -3.5% year-over-year is also a cause for concern.

Bank of America Corp. (BAC)

Financial institution Bank of America Corp. (NYSE: BAC) has also had a forgettable 2010.  Year-to-date, the bank stock has dropped -24.3%. Since mid-April, BAC has spiraled -41.2%.  Analysts are expecting earnings to dip this quarter, and have projected EPS of 24 cents for BAC after it reported earnings of 27 cents last quarter.  In its last income statement, Bank of America also reported a quarterly earnings change of -3.1% year-over-year.  BAC stock is barely above its 52-week low of $11.17, with a stock price of $11.42.

Goldman Sachs Group (GS)

Bank holding and global investment banking company Goldman Sachs (NYSE: GS) has slipped -12.3% year-to-date, compared to moderate gains by the broader markets.  Since mid-April, the stock is down -14.5% as well.  A dismal quarterly earnings growth of -82.2% year-over-year highlighted Goldman’s last income statement.  With a stock price of $158.01, GS is an expensive stock that should be sold sooner rather than later.

Credit Suisse Group ADS (CS)

Credit Suisse Group (NYSE: CS) is a financial services company that provides advisory services, solutions and products to its clients.  Since last October, CS stock is down -24.8%.  This quarter, analysts have projected earnings of $1.01, which is down from an actual EPS of $1.04 last quarter.  Trading at $41.98, Cs is far removed from its 52-week high of $58.73 from last November.

Deutsche Bank AG (DB)

Deutsche Bank (NYSE: DB) is another global investment bank that cracks the list.  Over the past 12 months, DB is down -26.2%, and has slid -28.3% since mid-April.  In its last income statement Deutsche Bank reported a quarterly revenue growth of -3.3% year-over-year.  The fact that DB is trading at $58.52 – just $5 removed from its 52-week low of $53.08 – has not left investors thrilled.

Charles Schwab Corp. (SCHW)

Financial holding company Charles Schwab Corp. (NYSE: SCHW) has left stockholders displeased in 2010.  Since May, SCHW is down -22.2%, compared to gains by the broader markets.  In its last income statement, Charles Schwab reported a quarterly earnings growth of -38% year-over-year.  The fact that SCHW pays a dividend may intrigue some potential investors, but at just 6 cents, the dividend is not a reason to purchase this struggling stock.

BB&T Corp. (BBT)

BB&T Corp. (NYSE: BBT) rounds out the list of financial stocks to sell.  Since mid-May, BBT has fallen -35.2%, or $12.25. Analysts aren’t expecting much from BBT this quarter, dropping earnings estimates by a cent after the company reported EPS of 30 cents the past two quarters.  Its stock price of $22.54 sits just above its 52-week high of $21.72.  If you haven’t already, sell this financial stock before any more damage is done to your portfolio.

As of this writing, Louis Navellier did not own a position in any of the stocks named here.