Goldman Sachs Group Inc., the fifth- biggest U.S. bank by assets, may buy back as much as 11 percent of current shares outstanding by the end of 2013, according to International Strategy & Investment Group Inc.
Bank of America Corp., seeking to snap this year’s stock plunge, will pay billionaire Warren Buffett $300 million annually to do what he did for Goldman Sachs Group Inc. during the credit crisis: bolster confidence.
Goldman Sachs Group Inc., whose shares have fallen 43 percent this year, may report its lowest quarterly profit since the 2008 financial crisis. Far from Wall Street, Wells Fargo & Co. is headed for record earnings.
Goldman Sachs Group Inc., Citigroup Inc. and Morgan Stanley were among Wall Street banks whose second-quarter profit estimates were cut by analysts, who said the companies’ trading revenue was likely to tumble.
Citigroup Inc. and Bank of America Corp. are among lenders that may have to temper plans to raise dividends and buy back stock next year as the Federal Reserve strengthens capital tests for the biggest U.S. banks.