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ETF Investors Lose as Morgan Stanley, Goldman Underperform
By Market News Video Staff, Friday, October 8, 9:15 AM ET
The party may be ending for big investment firms like Morgan Stanley (NYSE:MS) and Goldman Sachs (NYSE:GS) as trading revenues appear to be on the decline. Analysts are expecting a sharp dropoff in debt and equity trading revenue at both firms when they report third quarter earnings this month, and the talk of layoffs and restructuring of departments is becoming more and more common.
ETF investors have not fared better in the sectors as the SPDR KBW Capital Markets ETF (AMEX:KCE) is down almost 11% this year and the iShares Dow Jones U.S. Broker-Dealers Index Fund (AMEX:IAI) is down almost 10%.
Given the action in the pre-market session today following the disappointing September jobs numbers, those YTD losses could drop even further today.
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