U.S. Banks’ Quarterly Profit Estimates Cut 45% by Citigroup
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U.S. banks’ third-quarter profit estimates were cut an average 45 percent by Citigroup Inc. on concern that the global equities rout and volatility in credit markets will pare earnings from trading and investment banking.
Morgan Stanley may post profit of 25 cents a share, lower than a previous estimate of 36 cents, while Goldman Sachs Group Inc. is forecast to report earnings of 10 cents a share, down from $2.70, analysts including Keith Horowitz wrote in a report dated Sept. 11. JPMorgan Chase & Co., the most profitable U.S. bank, may report $1.17 a share, down from $1.26, they said.