Large U.S. banking companies will post $44 billion in writedowns and credit-loss provisions in the fourth quarter, forcing them to use capital injections from the federal government to beef up their balance sheets instead of lending the money out to consumers, bank analyst Meredith Whitney predicted Wednesday.

In a widely circulated research note, Ms. Whitney, of Oppenheimer & Co., wrote that the Treasury Department's Troubled Asset Relief Program, which has been used to pump hundreds of billion of dollars into banks over the past month in hopes of freeing the flow of credit, will not work as intended.

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