July 16 (Bloomberg) -- Meredith Whitney, an analyst at Oppenheimer & Co., talks with Bloomberg's Carol Massar in New York about reasons for avoiding financial-services stocks, the likelihood of more writedowns at banks, and the outlook for Merrill Lynch & Co. and Citigroup Inc. Bloomberg's Julie Hyman and Brennan Lothery also speak. (Source: Bloomberg)

00:00 "No one trusts the valuations" of banks.
02:03 Lehman has to "shrink to grow."
03:03 Outlook for "significant" bank writedowns
04:46 Prospects for "much simpler model" at banks
06:21 Wachovia; "most downside" for Wells Fargo
09:02 Merrill: outlook, dividend, CEO John Thain
11:13 Possibility Citigroup will eliminate dividend
12:58 SEC's Wall Street trading probe; regulations
14:14 "No reason to own" bank stocks

Running time 15:47

Last Updated: July 16, 2008 07:58 EDT