Morgan Stanley's (NYSE:MS) Q4 Estimates Slashed by Mike Mayo

Credit Agricole's analyst Mike Mayo has his scalpel out today, excising EPS estimates for some in the banking industry, including Morgan Stanley (NYSE:MS).

EPS estimates for the fourth quarter were cut from 61 cents to 40 cents, a 34 percent drop. The Street is looking for 41 cents at this time.

Mayo also cut Goldman (NYSE:GS), but he was more positive on them, maintaining a "Buy" rating, although significantly cutting their Q4 estimates as well.

Credit Agricole has an "Underperform" rating on Morgan Stanley, which was trading at $27.35, down $0.31, or 1.12 percent, as of 12:26 PM EST. They have a price target of $27 on them.