Goldman Sachs Group Inc
Citigroup analysts Keith Horowitz and Craig Singer, in a note titled Taking One Last Whack to 3Q Ests, said they now expect Goldman to post a loss of 65 cents a share, compared with their prior estimates of a profit of 10 cents per share.
The latest cut to Goldman's outlook by Citigroup analyst Horowitz -- a five-star rated analyst according to StarMine for the accuracy of his earnings estimates on Goldman -- adds to the already grim outlook that Wall Street analysts have for U.S. banks' third-quarter results.
Analysts are estimating that financial companies in the Standard & Poor's 500 index <.SPX> will report earnings only 3.9 percent higher than a year earlier, instead of the 14.6 percent increase they forecast on August 1, according to Thomson Reuters Proprietary Research.
The first big bank to post results will be JPMorgan Chase & Co
(Reporting by Tenzin Pema in Bangalore; Editing by Roshni Menon)