Meredith Whitney Says Banks Are Grossly Overvalued (C, BAC, XLF)

Meredith Whitney says banks are grossly overvalued. Banks are trading at more than 2x tangible book value and Whitney says at most they should be trading at book value.

JPMorgan (NYSE: JPM), Citigroup (NYSE: C), Bank of America (NYSE: BAC) and Financial Select Sector SPDR (ETF) (NYSE: XLF) may see pressure today from Whitney's comments.