According to wikipedia, you need the Axiom of Choice to find a discontinuous map between two Banach spaces.
Does this procedure also apply for Banach algebras yielding a discontinuous multiplicative linear map?
Or, is there some obstruction, ensuring that every algebraic homomorphism between two Banach algebras is continuous? (I know that this is true for $*$-homomorphisms between C*-algebras.)
"There are" examples of discontinuous homomorphisms between Banach algebras. However, the quotes are there because the question is independent of the usual axioms of set theory. I quote from the introduction to W. Hugh Woodin, "A discontinuous homomorphism from $C(X)$ without CH", J. London Math. Soc. (2) 48 (1993), no. 2, 299-315, MR1231717:
The references listed above are:
I believe Solovay's original construction is simply superseded by Hugh's result, as described in his thesis. In any case, reference 2 is particularly good to learn about this fascinating topic.
Shortly after, in Stevo Todorcevic, Partition Problems in Topology (Contemporary Mathematics), American Mathematical Society (January 1989), MR980949, it is shown that automatic continuity of homomorphisms between Banach algebras is a theorem of ZFC + PFA. PFA is the proper forcing axiom, a strengthening of Martin's axiom.
There is also a much more recent reference: H. Garth Dales, Banach Algebras and Automatic Continuity (London Mathematical Society Monographs New Series), Oxford University Press, USA (May 17, 2001). MR1816726 and Review by George Willis in the Bulletin of the LMS.
Added: (T.B.) An excellent first introduction to automatic continuity is H.G. Dales's contribution (Part I) to Dales et. al. Introduction to Banach algebras, operators, and harmonic analysis, LMS Student Texts, Cambridge University Press (2003) electronic version (2009), MR2060440