Jefferies analyst Daniel Fannon on Tuesday cut his earnings estimates for Goldman Sachs Group Inc. and Morgan Stanley ahead of second-quarter updates from...
Jefferies analyst Daniel Fannon on Tuesday cut his earnings estimates for Goldman Sachs Group Inc. GS and Morgan Stanley MS ahead of second-quarter updates from the banks in coming days. Citing a decline in investment banking and sales and trading, Fannon lowered his second-quarter profit view for Goldman Sachs by 56% to $3.82 a share, below the latest consensus estimate of $4.73 a share, as compiled by FactSet. He reduced his second-quarter profit view on Morgan Stanley by 32% to $1.
as part of its effort to consider strategic alternatives for its consumer banking units, Fannon said. He also expects Goldman to report a roughly $500 million goodwill impairment related to its GreenSky consumer lending business amid reported sales efforts for the unit. Shares of Goldman Sachs are up fractionally in premarket trades, while Morgan Stanley is gaining 0.3%.
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