Analysts slash bank forecasts

Third-quarter earnings for investment banks will be bleak, according to analysts who have slashed their revenue estimates.

Many expect companies including Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers and Bear Stearns to have a tough time after the credit crunch froze mergers and acquisitions activity.

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Ray Dalio Sells Last Stake in Bridgewater, the Hedge Fund That Made Him a BillionaireExternal link

Ray Dalio Sells Last Stake in Bridgewater, the Hedge Fund That Made Him a Billionaire