Whitney on why banks must reinvent themselves

Meredith Whitney, founder and chief executive officer of Meredith Whitney Advisory Group, talks about the outlook for financials, the U.S. economy and JPMorgan Chase & Co.’s trading loss. She also explains why post-credit bust, the add-leverage-and-stir-to-look-genius model is no more and banks will need to get back to offering traditional banking (lower profit) services. The credit genie is going back in the bottle for another 20 years or so. Here is a direct link.