Oppenheimer's Whitney on CNBC: More Financial Carnage Ahead

On CNBC, Oppenheimer's Meredith Whitney said she expects financials to trade down to tangible book value before there is real value. She said Citi's (NYSE: C) tangible book would be around $10-$12 and Merrill Lynch's (NYSE: MER) could be around $30.

Whitney also expects Citi to completely wipe-out their dividend. She also sees dozens of dividend cuts across the sector.

Whitney says even financial stocks she likes, she does not like. [LJ]

You May Also Be Interested In

• Citi downgrades Moderna to Sell, sets $80 price target
• Oppenheimer Upgrades NICE Systems Ltd (NICE) to Outperform 'based on the company's improved AI platform'
• Liberty Energy Inc (LBRT) PT Lowered to $31 at UBS