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NEW YORK (MarketWatch) - Analysts for J.P. Morgan Chase & Co. on Wednesday
slashed second-quarter earnings estimates for brokerages Goldman Sachs Group Inc.
, Morgan Stanley and Lehman Brothers Holdings Inc. , joining a recent recent
chorus of analysts worried that further asset write-downs and poor hedging models
are significant pressures on the banks. J.P. Morgan analyst Kenneth Worthington
cut Lehman’s estimated earnings most dramatically, trimming it by 46 cents to 18
cents a share. J.P. Morgan also cut Goldman’s estimated earnings for the second
quarter to $3.55 a share from $3.68 a share previously, and reduced Morgan’s
estimated profit by 13 cents to $1. All three brokers have had their
second-quarter earnings projections trimmed in recent days by analysts at Banc of
America Securities, Sanford C. Bernstein and Lehman.

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