Meredith Whitney Has Nothing Good To Say About Citi (C)

Influential Oppenheimer banking analyst Meredith Whitney had some more negative things to say about Citigroup (NYSE: C) today.

In a note to clients dated yesterday, Jan. 19, Whitney said, "Citigroup's core problem is that is simply doesn't make money in any of its businesses expect Smith Barney, which it is in the process of selling." She said consumer-related businesses are lumbering under the weight of rising credit costs and reserve
builds.

Whitney lowered estimates again on Citi due to deteriorating credit and worsening economic outlook. Her 2009 EPS estimates went from a loss of $0.33 to a loss of $4.00 per share and her 2010 EPS estimates went from a gain of $1.14 to a loss of $2.15.

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