Earnings season for the third quarter of 2019 is around the corner. The S&P 500 is expected to see the first year-on-year (YoY) decline since 2016 and investors’ attention will soon turn to the banks industry. The group is the first to report earnings, marking the unofficial start to earnings season. Heading into the reporting period, a trend has emerged among the banks; analysts have become more bearish and have consistently made downward revisions to estimates. Exhibit 1: S&P 500 19Q3 YoY Earnings and Revenue Analysts are cutting Q3 2019 earnings estimates ahead of earnings season. YoY revenue growth expectations