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As expected, bank earnings have been a bit of a downer thus far.JP Morgan missed on revenue, showed decreased in fixed income trading and investment banking fees and has seen its stock drop almost 5% off pre-earnings levels.
Citi missed big on revenue and EPS and its stock dropped more than 8% today.
So can Goldman Sachs break the string of bad bank earnings? It seems unlikely to do so.
The consensus is for the firm to report $6.54 billion in revenue and EPS of $1.24, both declines from last year’s Q4 numbers of $10.37 billion in revenue and EPS of $3.79.
But counter-intuitively, declines in Citi’s and JP Morgan’s trading and investment banking revenues may have softened the blow for what is likely to be a sluggish quarter from GS by lowering expectations.
Goldman’s earning’s release is scheduled for pre-market open with the conference call at 9:30 am.