Banks to take spotlight as earnings season heats up

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The Bank of America building is shown in Los Angeles, California October 29, 2014. REUTERS/Mike Blake

The Bank of America building is shown in Los Angeles, California October 29, 2014. REUTERS/Mike Blake

By stltoday.com

The financial sector, recently a weak performer in the stock market, will garner the majority of investor attention this week as a number of big banks post their quarterly results.

Goldman Sachs, Bank of America, Wells Fargo, Citigroup and JPMorgan Chase — the five biggest U.S. banks by market cap — are due to report results as the sector has trailed the market in recent weeks and earnings estimates have fallen.

 Financial companies are expected to show earnings growth of 8.4 percent, behind only telecoms and consumer discretionary companies in expected growth for the quarter. However, that growth is down from the 14.8 percent expected at the start of the quarter, and down by half from the 17.8 percent growth expected at the start of the year.

In the last 30 days, banks have seen their estimates steadily lowered, with Goldman the biggest victim. Its estimates for the quarter are down by 25 percent in that time period.

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