C.elder

Meredith Whitney Cuts UBS AG, Merrill Lynch and Citigroup's Estimates

More of the same from Whitney,and easy to do too,given that the established trend for banks has been down for the last 4 quarters!What about early 2007 when she was saying what a great company Bear Stearns was?2008 is a poor year for banks,so no one expects much.The second half of 2008 will be slightly better than the first half,but it will be 2009 before the banks start to get the benefits of their cost cuts;repriced loans;asset sales and so on.