Bloomberg reports that Goldman Sachs Group Inc. (GS) will probably report a third-quarter loss as market tumult prevents the bank from generating a profit for only the second time in 12 years as a public company, Barclays Capital analysts estimated.
Goldman Sachs may lose 35 cents a share in the three months ended Sept. 30, down from a prior estimate of $2.40 in earnings per share, the analysts, led by Roger Freeman, said in a note to clients today. They cut their earnings-per-share estimate for Morgan Stanley to 12 cents from 43 cents.
Declines in asset prices will cause losses on some of Goldman Sachs’s principal investments, which include stakes in companies and real estate, the analysts wrote. Trading revenue and investment banking fees have also been reduced amid falling equity and credit markets and concerns that the European sovereign debt crisis is worsening….
Read more at http://www.bloomberg.com/news/2011-09-22/goldman-may-have-second-loss-since-ipo-amid-market-turmoil-barclays-says.html
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