×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Goldman | Sachs | Loss | citi

Goldman Sachs May Post Third-Quarter Loss: Citi

Tuesday, 11 October 2011 10:44 AM

Goldman Sachs Group Inc. will likely record a loss in the third quarter, only the second quarterly loss in the Wall Street titan's history, hurt by weakness across trading and investment banking, equity market declines and wider credit spreads during the period, Citigroup said.

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 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. on October 13. Goldman will report its third-quarter results on October 18.

© 2022 Thomson/Reuters. All rights reserved.


FinanceNews
Goldman Sachs Group Inc. will likely record a loss in the third quarter, only the second quarterly loss in the Wall Street titan's history, hurt by weakness across trading and investment banking, equity market declines and wider credit spreads during the period, Citigroup...
Goldman,Sachs,Loss,citi
197
2011-44-11
Tuesday, 11 October 2011 10:44 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved