Citi (C) and Wachovia (WB) Will Eliminate Dividends -- Meredith Whitney

Citi (C) and Wachovia (WB) will eliminate their dividends, Oppenheimer analyst Meredith Whitney said yesterday on CNBC. Other big banks and brokers, such as Merrill Lynch (MER) and Bank of America (BAC), will re-evaluate their dividends in light of their shrinking profits.

Whitney also believes that most of the large financial stocks have another 30% downside.

See Also: Bank of America (BAC): Meredith Whitney is Wrong, Our Dividend is NOT Safe

Financial Stocks Have Another 30% Downside – Meredith Whitney

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