Wall St braced for bleak results

SOME of Wall Street’s biggest banks are preparing to reveal a sharp decline in earnings for 2011 when they unveil results this week.

Goldman Sachs, Morgan Stanley and Bank of America Merrill Lynch are all expected to say profits dropped last year as the Eurozone crisis caused bond and equity trading to dry up.

Share prices in the industry slumped, with Bank of America’s stock ending the year down 54 per cent.