BUSINESS
03/28/2008 05:12 am ET | Updated May 25, 2011

Brokerage Stocks May Drop 50 Percent, Says Oppenheimer Analyst

Meredith Whitney, the Wall Street analyst who received death threats after writing a negative report about Citigroup, has predicted that financial stocks could plummet by as much as half in the wake of the Bear Stearns fire sale.

In a note released today, the Oppenheimer analyst says Merrill Lynch, UBS and Citigroup will be the worst hit. Lehman brothers shares are already down 30 per cent in pre-opening trading.

This is likely to be the start of a string of bad news banking stories this week as three leading investment banks are set to announce billions of dollars worth of write-offs owing to the credit crisis.

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