Bank stocks stopped the slaughter and mounted a dramatic rebound Thursday with Morgan Stanley rising and Citigroup paring its losses. Can these financial giants regain their footing or is there more carnage to come?
CNBC’s Charlie Gasparino told Fast Money that he thinks Citigroup (C) hasn’t bottomed. The bank is suffering from a lack of transparency and a leadership void. Both those issues need to be resolved for Citi to recover, he said. The market hates not knowing what’s on a company’s books, and it’s next to impossible to tell what is coming from the nation’s largest bank. To make matters worse, “the management at Citigroup is horrible,” as Gasparino put it. The bank needs to stabilize its leadership and put in a “real manager” to right the ship, he said.