Abstract. We study the invariant subspace structure of the operator of multiplication by z, M., on a class of Banach spaces of analytic functions. For operators on Hilbert spaces our class coincides with the adjoints of the operators in the CowenDouglas class 3SX(Ü). We say that an invariant subspace Jt satisfies cod^"= 1 if zJt has codimension one in Jt'. We give various conditions on invariant subspaces which imply that cod Jt = 1. In particular, we give a necessary and sufficient condition on two invariant subspaces Jt, jV with cod Jt = cod jV= 1 so that their span again satisfies cod(^" v jV) = 1. This result will be used to show that any invariant subspace of the Bergman space L¡¡, p > 1, which is generated by functions in L1/, must satisfy cod Jf = I. For an invariant subspace Jt we then consider the operator S = M7 \JtL. Under some extra assumption on the domain of holomorphy we show that the spectrum of S coincides with the approximate point spectrum iff cod Jt = 1. Finally, in the last section we obtain a structure theorem for invariant subspaces with cod^= 1. This theorem applies to Dirichlet-type spaces.