Oppenheimer Co. analyst Meredith Whitney Says Further Write Downs Coming at Citigroup, Merrill, UBS

It doesn't look like things are getting any better for the banks.

"Citigroup Inc., Merrill Lynch & Co. and UBS AG may post further writedowns of $10 billion on their debt holdings after the two biggest bond insurers were stripped of their AAA rankings, according to Oppenheimer & Co. analyst Meredith Whitney."

Whitney correctly predicted that Citicorp would cut its dividend last October.

What does this mean? Pain from the credit crunch is still impacting financial institutions.