Oppenheimer sees dividend cuts at Citi, Wachovia

Citigroup Inc, Wachovia Corp, along with other U.S. banks are likely to announce dividend cuts in April, as banks' earnings will not support current dividend payouts in 2008, Oppenheimer & Co analyst Meredith Whitney said.

"We continue to believe the bad news is not priced into the bank stock prices, and that progressively throughout this year, all financials, but particularly banks, will trade ... at least 25 percent lower from current levels," Whitney said.

Management at banks are only now beginning to come to terms with the severity of both the liquidity environment as well as the credit environment, the analyst said.

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- Posted: 2008-03-28 09:05:51

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