The bank slashed its earnings estimate for Goldman to 10 cents a share compared with an earlier prediction of $2.70. It also reduced estimates for JPMorgan Chase, Morgan Stanley, Bank of America and Lazard. Given the more than 20pc decline in the share prices of Goldman and JPMorgan so far this quarter, Citi analysts said the two banks are now its top picks. However, the report cautioned that "it's hard to say we've seen the bottom on bank stocks if we enter double-dip territory".