Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

$hitigroup Cuts U.S. Banks’ Profit Estimates 45%

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » General Discussion Donate to DU
 
marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-12-11 07:51 AM
Original message
$hitigroup Cuts U.S. Banks’ Profit Estimates 45%

(Bloomberg) 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 (MS) may post profit of 25 cents a share, lower than a previous estimate of 36 cents, while Goldman Sachs Group Inc. (GS) 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. (JPM), the most profitable U.S. bank, may report $1.17 a share, down from $1.26, they said.

Profit estimates for the next two years were also pared because of faltering economic growth and uncertainties regarding regulations and new capital requirements, Citigroup said. The MSCI World (MXWO) Index has shed 20 percent since the beginning of May on concern that Europe’s sovereign debt crisis and a slowdown in the U.S. may stall the global economy.

“A downgrade of that magnitude won’t do anything for investor confidence,” said Shane Oliver, Sydney-based head of investment strategy at AMP Capital Investors Ltd., which has almost $100 billion under management. “It does unfortunately come at a time when there’s a lot of uncertainty over Europe.” ...........(more)

The complete piece is at: http://www.bloomberg.com/news/2011-09-12/citigroup-reduces-estimates-for-u-s-banks-third-quarter-earnings-by-45-.html



Printer Friendly | Permalink |  | Top
xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-12-11 08:00 AM
Response to Original message
1. Recommend
Printer Friendly | Permalink |  | Top
 
canoeist52 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-12-11 08:17 AM
Response to Original message
2. Does this mean "Move Your Money" is working?? Yay!
Printer Friendly | Permalink |  | Top
 
Supersedeas Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-12-11 09:03 AM
Response to Original message
3. nothing to see here--move along....move along
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Fri Dec 27th 2024, 04:34 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » General Discussion Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC