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Banking, finance, and taxes

Meredith Whitney Cautions on Utility Banks

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By Jon C. Ogg Updated Published
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Bloomberg TV hosted the outspoken and well-known bank analyst Meredith Whitney early Tuesday morning about the banking sector and the future trends that have to be addressed in banking and brokerage operations. She said that the banking sector has to continue to aggressively cut expenses and the old way of making money on Wall St. is gone.

Whitney said the business models have to shrink more than they already have. Citigroup Inc. (NYSE: C) was the first mentioned on needing cost cuts, but she did say they are cutting areas. She also said that Bank of America Corp. (NYSE: BAC) is making good progress, as is JPMorgan Chase & Co. (NYSE: JPM).

Whitney also commented that net interest margins are shrinking. She said that investors are not appreciating the risk they are taking, and she and Dick Bove both agree that tens of thousands of layoffs are still coming.

Today’s news was not exactly earth-shattering by any stretch, but it will be commented on throughout the day. Updates may follow if more comments come out.

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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