Goldman's Richard Ramsden cuts earnings estimates at BofA (BAC), Citigroup (C) JPMorgan (JPM),...

|About: Bank of America Corporation (BAC)|By:, SA News Editor

Goldman's Richard Ramsden cuts earnings estimates at BofA (BAC), Citigroup (C) JPMorgan (JPM), Morgan Stanley (MS), PNC Financial (PNC), US Bancorp (USB) and Wells Fargo (WFC) by an average 7% in 2011 and 5% in 2012. Summarizing his report: It's tough to make money when no one wants to borrow it even as long-term rates are low and going lower.