Earnings for Goldman Sachs to dive, Wells Fargo to rise: Analysts
NEW YORK - Goldman Sachs Group Inc, whose shares have fallen 43 percent this year, may report its lowest quarterly profit since the 2008 financial crisis. Far from Wall Street, Wells Fargo & Co is headed for record earnings.
Third-quarter US bank earnings, which kick off with JPMorgan Chase & Co on Thursday, will show that investment-banking businesses such as bond trading and merger advice declined, while retail operations like mortgage lending prospered, according to analysts.
It's a reversal from 2009 and early 2010, when rising markets and a perfect trading record propelled New York-based Goldman Sachs to its highest profits ever, as commercial lenders including SunTrust Banks Inc in Atlanta charged off billions of dollars of delinquent mortgages.
