Jefferies analyst Daniel Fannon on Tuesday cut his earnings estimates for Goldman Sachs Group Inc. GS, +0.41% and Morgan Stanley MS, +0.05% 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.
Jefferies slashes earnings estimates for Goldman and Morgan Stanley ahead of earnings updates next week