First quarter earnings from the top investment banks will start rolling out next week. Analysts already have taken a bearish tilt despite a recent Fed-induced pop. Financial News Online notes they have cut estimates by one-third already. They say it will take three years for underwriting and advisory levels to return to the levels hit during the recent boom. So in this environment, the banks that will thrive will find alternative revenue sources. It's possible one or two could hit a proprietary trading home run. Goldman Sachs is adept at timing sales of portfolio companies to give earnings a pop. But the reality is, we could be settling in a for a long slump. One or two big deals might really make a difference.  

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