Investment banks to unveil earnings
Expectations are not high for the earnings reports that big Wall Street investment firms are turning in this week. In fact, Marketplace's Jill Barshay learns that financial sector earnings, "are going to be miserable."
Copies of the Wall Street Journal and other newspapers sit on display at a newsstand in New York City. (Michael Nagle/Getty Images)
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Renita Jablonski: More Wall Street investment banks also turn in their earnings this week. And they won't be pretty. Jill Barshay has more from New York.
Jill Barshay: The first quarter of the year won't just be remembered for Bear Stearns' brush with bankruptcy. Some of the nation's largest financial institutions -- like Merrill Lynch and Citigroup -- are expected to report losses, too. Al Goldman is chief market strategist at A.G. Edwards.
Al Goldman: Earnings from the financial sector are going to be miserable.
Market watchers say there could be billions more write downs. David Darst is chief investment strategist at Morgan Stanley. He worries defaults could spread from mortgages to the corporate loans, auto loans and credit card debts banks have on their books.
David Darst: Generally when the financial sector has problems, it a creates a form of frailty and weakness in other parts of the economy.
Darst says he'll be paying more attention to what bank executives predict for the rest of the year than how bad their numbers were these past three months.
In New York, I'm Jill Barshay for Marketplace.
