Goldman’s fall from grace continues
Starting tomorrow banks will begin to tell investors how they did in the second three months of 2012.
Overall, the indications are that the quarter will be a disappointment. But, surprisingly, Goldman Sachs (GS) may emerge as the biggest loser. Expectations for the once-vaunted investment bank have fallen more than rivals.
In the past month, analysts have cut their earnings expectations by 35% for Goldman. It’s been a tough time for investment bankers in general. The IPO window shut after the bungled Facebook deal. And M&A is down 21% so far this year.