Bloomberg reports that gains on the firm’s own investments and revenue from underwriting and trading debt will help New York-based Goldman Sachs earn $2.70 a share, ISI analysts led by Ed Najarian said yesterday in a research note. The average estimate of 25 analysts surveyed by Bloomberg is $2.27.
JPMorgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC), ranked first and fourth by assets among U.S. banks, are set to kick off the industry’s third-quarter earnings season Friday. Goldman Sachs, the fifth-largest bank and the one that gets the highest percentage of revenue from trading, is scheduled for October 16th.
In the meantime, Bloomberg reports that Goldman President and COO Gary Cohn has said that he believes that the U.S. Federal Reserve will struggle to end its quantitative easing program.
'I understand what they’re trying to do and I will tell you this, this is going to be difficult to stop or to exit', Cohn told Bloomberg Television Thursday in Tokyo. 'At the end of this -- there will be an end to quantitative easing -- we will have to go through the pains of stopping quantitative easing'.