“I’m positive on the [BofA] deal,” McCormick told CNBC.
“It sets the expectation that other banks like PNC, Well Fargo or Fifth Third may sharpen their pencils and look to get out of the TARP a tad bit sooner.”
McCormick said Citigroup is "behind the 8-ball" and added he would not buy its stocks because he sees a lot of risk. Additionally, McCormick said he is weary of other financials that are associated with the TARP as they have more risk associated with them.
"I look through some higher quality shares, ones that have the ability to at least have a dividend," he said. "I think there are other financials out there that I’d be more interested in than Citi.”
T. Rowe Price
- See McCormick's Previous CNBC Appearance (Sept. 21, 2009)
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No immediate information was available for McCormick or his firm.