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Banks Likely to Cut Dividends Further: Oppenheimer

Citigroup, Wachovia, along with other U.S. banks are likely to announce dividend cuts in April, as banks' earnings will not support current dividend payouts in 2008, Oppenheimer & Co analyst Meredith Whitney said.

Whitney said management at banks are only beginning to come to terms with the severity of both the liquidity environment as well as the credit environment now.

"For that reason, we believe that beginning with the (first quarter of 2008) ... banks will seriously address their ability to maintain their current dividend levels," added Whitney.

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