Given its home country’s troubles, it is not surprising that the National Bank of Greece tops the list of the worst-performing bank shares in 2010. But if a bank’s stock merely reflect its home economy’s performance, some of the other firms at the top and bottom of 2010’s performance charts are puzzling indeed.

After all, among the 150-odd shares in the Bloomberg World Banks Index, four of the ten worst performers in 2010 are Chinese and three of ten best performers are American, including second-ranked CIT, which filed for bankruptcy protection in late 2009. General economic prospects clearly play a part in a bank’s fortunes, but the factors driving an individual lender’s shares remain largely company-specific.