Banks set to stumble again

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Banks set to stumble again

Wall Street expects ugly first-quarter results from Citigroup and Merrill Lynch. And the worst may not be over for financials just yet.

NEW YORK (CNNMoney.com) -- When Citigroup and Merrill Lynch each fessed up to nearly $10 billion in losses last quarter, investors believed the companies had finally scrubbed their books clean.
Those hopes were a bit premature.
"The fourth quarter felt like the kitchen sink [quarter]," said Jaime Peters, a bank stock analyst at Morningstar. "We are going to find out it necessarily wasn't."
More on Citigroup and Merrill Lynch

It doesn't make me feel safe to know that are banks are possibly in financial crisis. The fact that there are so many different banks to choose from as a customers stand point is good for the customer but not so good for the banks themselves which is why so many banks seem to change hands do to take overs.